We all have them. (If you don’t, run away from real estate.)
Here’s the Top 20 questions asked by landlords and investors when choosing to hire a property management company.
Some are deeper questions than they might seem the first time you read them, which is why the first question on the list is the first question on the list. If you are thinking about them in the correct mindset, you should realize within 2 breaths that the questions spawn subordinate questions and will take you down a rabbit hole even further.
What do you charge?
If I have a question and send in an email or call, what is the expected response time from your company?
Is the prop mgr available on weekends if issues arise?
How do you handle repairs?
How does money get to me each month?
What happens if the tenant doesn’t pay rent?
What happens if the tenant damages or trashes the property?
Do I get a copy of the signed lease for my records?
Do I get monthly detailed owner statements showing rent collected and expenses?
How does the agreement end?
What docs and info do I get when I end the agreement?
Does your company make sure all contractors are insured?
What do you do to screen tenants?
How quickly do you think it will take to find a tenant?
Once a tenant applies, how quickly are they processed?
Does your company provide a lease or do I need to provide it?
How often is your lease agreement reviewed for statute updates passed by State legislature or Federal legislature or HUD guidelines?
Is the lease between me as the landlord and the tenant? Or is it between the mgmt. company and the tenant?
Can I use my own contractors for repairs or do I have to use your company’s?
Take Away: If you are SERIOUS about reaching Financial Freedom, you already know the value of drilling down for serious answers to these questions. If you just realized you don’t know the answers to these questions, perhaps it’s time to bust your hump to find out before it’s too late and you won’t like the answers.