Questions when hiring a PM

In October Elizabeth Colegrove wrote an article titled 80 Smart Questions to Ask BEFORE Hiring Your Next Property Management Company. Given our experiences with a PM, thought I’d chime in.

We invited our prospective PM to coffee and did interview her. I asked a bunch of questions.

Questions I did ask (plus more that weren’t in the article):

5. What is the average length that clients stay with you?

15. What is your monthly charge?

37. How is the money dispersed?

38. When is the money dispersed?

64. How often do you do inspections during a tenant’s term?

Questions I wish I had asked:

8. What do you expect from me as the owner?

9. How often do you communicate with the home owners?

13. How often do you reach out to the owners? Can you give me examples of how and when you would communicate various problems?

17. Do you provide a copy of the lease to the owner, and if so, when?

45. What is your schedule for payments when installing a tenant?

59. What are your screening requirements?

66. How do you handle the security deposit?

I also wish I had gotten a copy of the rental agreement contract prior.