Remember: you should interview at least 3 companies and preferably more than 5. This will help the excellent management companies to separate from the others. This is why I always recommend people to call around before they decide to work with us. I want them to be comfortable with us and make sure they did their homework.
Just keep in mind that property managers will be screening you just like you are screening them. So be respectful of their time. They may end up deciding not to work with you because you would not be a good fit for them.
Chattanooga is a small market so bad owners have a reputation that follows them.
General Background and Experience
1. How many years have you been in property management?
2. How many properties do you currently manage, and what types are they (single-family, multi-family, commercial)?
3. Can you provide references from current or past clients?
4. Are your leasing specialists LOCAL and how long have they been leasing properties? (This is what you are paying them for so spend time going deep into this background and experience). Zillow CANNOT replace a fantastic leasing expert with street by street or zip code by zip code knowledge of what a home should lease for, what to stear clear of, how much they can get in rent if certain upgrades are made, etc).
5. How do you stay current with local, state, and federal landlord-tenant laws?
Services Offered
6. What specific services do you offer as part of your property management package?
7. Do you provide tenant placement services, and what does that process entail?
8. How do you handle property maintenance and repairs? Do you have an in-house team, or do you outsource?
9. What is your process for handling tenant complaints and issues?
10. Do you offer any additional services like financial reporting, eviction services, or legal advice?
Tenant Screening and Leasing
11. How do you screen prospective tenants, and what criteria do you use?
12. What is your process for handling lease renewals and rent increases?
13. How do you handle lease agreements? Are they standardized, or can they be customized?
14. What steps do you take to ensure tenant retention?
15. How do you handle evictions, and what is your success rate in resolving issues before eviction becomes necessary?
Financial Management
16. How do you structure your fees (e.g., flat fee, percentage of rent, additional fees)?
17. When and how do you disburse rental income to property owners?
18. Does your software provide any tax documents that I will need to provide my cpa?
19. How do you manage the property’s financial records, and what kind of reports will I receive?
20. Can you provide an example of how you’ve helped an owner increase their property’s profitability?
Communication and Technology
21. How often will you communicate with me, and what methods do you use (e.g., email, phone, online portal)?
22. Do you use any property management software? If so, how will I have access to the information and is there a tenant and owner portal. (IF THE ANSWER IS NO…RUN)
23. How do you handle emergencies, and what is your availability outside of normal business hours?
24. How do you ensure transparency and keep owners informed about their properties?
25. What’s your approach to resolving conflicts or disagreements with property owners? Can you give me an example of something that happened recently and how you resolved the issue?
To determine the overall best fit, consider the following:
**Experience and Specialization:** Look for a manager with at least 2-3 years of experience in managing properties similar to yours. Their track record and references will give you insight into their competence.
**Compatibility and Communication:** Choose someone who communicates well and whose management style aligns with your expectations. They should be transparent, proactive, and responsive.
It’s important to find a company that matches your communication style and expectations.
**Services and Fees:** Ensure they offer the services you need at a fair price. Consider both the cost and value of what they provide. If you are lucky enough to find a company that will agree to a flat fee model vs percentage-based, you should give them higher priority if all other things are equal.
**Tenant Management:** Their tenant screening process, eviction handling, and approach to tenant relations are critical to maintaining occupancy and reducing turnover.
**Technology and Reporting:** A property manager who uses modern tools and provides regular, clear reports will make it easier for you to stay informed about your investments.
**Problem-Solving Ability:** Pay attention to how they’ve handled difficult situations in the past, whether it’s tenant disputes, maintenance crises, or financial challenges. Their problem-solving skills will directly impact your bottom line.
We are happy to answer all of your questions. Visit us at Property Rush Management.