What questions should you ask when hiring a Property Manager?
Updated: Aug 30
Here are 9 questions you may or may not have thought to ask. Not every property management company is created equal. Make sure you know all the in's and out's prior to hiring them.
Are you a licensed property manager? If they aren't licensed, they are not legally able to manage other owner's properties.
How many advertising cycles do the fees cover? Some companies charge per tenant placement including if a tenant breaks lease. AspirePeak Properties includes 2 cycles in our contracts per year.
What happens with other lease fees such as late fees, pet fees or lease break frees? Other lease fees tend to get either split between owner and brokerage or kept by the brokerage. Good idea to know.
What is the spend limit for maintenance items WITHOUT owner approval? Spend Limit WITHOUT approval from the owner is important so you know the budget the brokerage is allowed to spend on any maintenance item.
Is there a coordination fee that gets added to a maintenance bill? Most companies charge a coordination fee any where from 5 - 15% on top of each vendor bill coming into the office. AspirePeak Properties does NOT!
Do you look after insurance claims on the property? It's important to ensure you have the right coverage in place in case of an insurance claim and to be aware of if the property manager will manage the claim for you or not. Yes we do this!
Once rent is collected when do I get paid? Of course you need to know when you will get paid and how so you can ensure your budgeting properly for any auto bills like your mortgage.
How often do inspections get completed? How a property management company does inspections and how often is important item to know.
Can you describe your tenant screening process? By asking them to describe their tenant screening process, it should give you an idea of the lengths or non-lengths that are being reviewed for each tenant to ensure a good fit.
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(587) 997 - 1257