20 Questions To Ask Before Hiring Rental Property Management!

I get this question a lot from real estate investors and it came up recently on the BiggerPockets.com forums.  “How do I know if a property management company is any good?”  My answer always comes back to the questions you are asking the company you are getting ready to hire.  Before you will know if they are any good at the service you are looking for, you have to know the right questions to ask.  I have been advising real estate investors to ask these same 20 questions for years and so far, they have helped keep many investors out of trouble.

.  What zip codes do you own investment properties?

5.  How many team members does your company employ?

6.  What is your personal definition of rent ready?  (Very important when buying Turnkey)

7.  What is your personal philosophy on deferred maintenance?  (Very important when buying Turnkey)

As a future client, you want to know that the owner of the property management company actually knows what they are doing.  Not  just managing properties, but also managing a business.    These first questions should help you to form an impression.  Does the owner know the business inside and out.  Are they growing and actively involved in the business they are operating?  These are important internal questions for you to answer.  Not to mention, do their ideas about real estate investing line up with yours?

Lastly, you want to know that they actually invest themselves.  As you ask these questions, make sure that you keep the answers and reflect back on them as you are asking some of the other questions.

Related: A Real-Life Property Management Setup

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