Five questions to ask a prospective property management company

Peter Lohmann
Peter Lohmann | 2 min. read
Get the latest industry insights.

Published on October 17, 2013

Looking for professional property management? Here are five key questions you should ask of any management company:

  • How many units do you have under management? This will give you a sense of the type of business you are going to be working with.
  • What fees do you charge in addition to monthly management? Many property management companies will entice clients with an extremely low monthly management fee, then nail them with assorted fees every month. Ensure you have a complete list of fees the property management company can charge, and double check that this is reflected in the Property Management Agreement (PMA).
  • What screening do you perform on prospective tenants? At a minimum, a professional property management company should be running a credit, criminal, and eviction background check on every adult occupant before signing a lease. They should also be contacting previous landlords to ask about rental history.
  • How is maintenance handled? Some property management companies have shady arrangements with contractors, potentially even receiving kickbacks. Suggest that you would prefer to use an A-rated Angie’s List contractor in your area and see how they react.
  • Can you provide references? Any good vendor should be overflowing with endorsements from past/current clients, and a property management company is no different. Ask for names and numbers, and follow up.
Property management companies often have a bad reputation, and in many cases it is deserved. Do your research before signing that PMA!

What other advice would you give?

Read more on Uncategorized
Peter Lohmann

Peter Lohmann is CEO/CFO of RL Property Management Group/Delicious Real Estate in Columbus, Ohio.

Trending Stories For You
Scaling 11 property management KPIs you should be tracking
The property management industry is highly fragmented. Some companies have only a few employees, some operate independently, and others have massive portfolios. No matter your…
Amanda Maher
| 9 min. read
Associations 6 steps to airtight tracking for HOA violations
When a resident moves into an HOA or community association, they agree to follow a certain set of rules created by the board of directors.…
Laurie Mega
| 6 min. read
Maintenance & Improvements 15 HOA landscape maintenance tips to enhance your community’s curb appeal
Prospective buyers love walking into a beautifully renovated home—but it’s tough to get people in the door to see stunning interior improvements if they’re turned…
Amanda Maher
| 8 min. read

Be a more productive
property manager