Questions to ask potential property managers

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  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    10y
    Originally posted by @Account Closed:

    Greetings, 

    What are some good pertinent/relevant questions to ask potential property management firms?

     Jason - 

    As a property manager, here are the questions I advise investors to make sure they are asking before moving forward:

  • Are You an Investor?
  • How many investors do you work with?
  • How long have you been in the business?
  • What has been your biggest mistake as an investor?
  • Do you defer maintenance?
  • How many properties do you manage?
  • What is your average vacancy rate?
  • What is the cost of an average repair bill after move-out?
  • What are your management fees?
  • What is your average # of months occupancy?
  • What programs do you have in place to keep tenants happy?
  • Will you call me every month with an update on my portfolio?

    • This is just a short list, but it is a good start and you can usually get a good read on a company from this list.  Best of luck -

    Chris

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  • Account Closed
    OP
    upstate, NY · Member since 2015 · 32 posts · 0 votes
    10y

    Chris, 

    Thank you very much. I have yet to purchase my first income property but I will be sure to inquire about all those things now and forever. I am getting most of my ducks in a row before I pull the trigger, and, how to choose a management group is something I have never even thought about until recently. Thank you again.

    Jason 

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  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    10y
    Originally posted by @Account Closed:

    Chris, 

    Thank you very much. I have yet to purchase my first income property but I will be sure to inquire about all those things now and forever. I am getting most of my ducks in a row before I pull the trigger, and, how to choose a management group is something I have never even thought about until recently. Thank you again.

    Jason 

     Well, feel free to reach out if you have questions before actually hiring someone.  Anything I can do to help you read between the lines and help make a smart decision, I would be happy to do.

    Chris

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