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What Questions Should I Ask When Selecting A Property Manager?

Not all property managers in the Salt Lake area are the same. Some discount property management companies fall drastically short in the rental management services they provide. Even worse, many companies attempt to attract clients by offering lower rates and including hidden fees in their management contract they did not make you aware of. 

Real Property Management Salt Lake believes in doing business the right way. We believe in the services we provide to our clients and know our prices are fair and competitive. We encourage those looking for a property manager to shop the competition and choose the company that best fits their need.

Here are a few more questions you may want to consider asking a potential property management company to make sure you are being treated fairly and that you are aware of exactly the level of service you will receive.

Ask

Fees and Pricing

  • What are all the fees  you would charge to manage my property?
  • Do you charge me…    (Now find out what they really charge)
    • a setup fee?
    • to advertise my property?
    • to take photos of my property?
    • to run applications or screen tenants?
    • to show the property to tenants?
    • a leasing or placement fee?
    • when a tenant moves in or moves out?
    • to do the accounting?
    • each time there is maintenance at my property?
    • a maintenance trip charge?
    • a minimum management fee when the tenant doesn’t pay or if the property is vacant?
    • to inspect my property?
    • to renew the lease with the tenant?
    • a percent of the late fees collected?
    • an annual fee to renew my contract?
    • to serve notices to the tenants?
    • a fee to mail notices or communication?
  • Do you mark-up charges billed from vendors who perform work on my property?
  • Do you mark up parts of supplies for work done on my property?

Experience

  • How long have you been in business?
  • Do you have any other office locations?
  • How many properties do you manage?
  • How many employees do you have to how many properties?
  • What awards, reconditions or certifications do you have?

Leasing

  • How is rent determined for my property?
  • Do you offer a free market evaluation?
  • Do you have a dedicated person in your office fill vacant properties and do showings?
  • Where do you advertise my vacant property?
  • What is the average number of days it take you to rent properties?
  • What is your vacancy rate?
  • Do you personally show the property or do you ever allow potential tenants access to show themselves through the property unsupervised?
  • How often will I receive updates about my vacant property?
  • How do you qualify applicants?
  • Do you require tenants to sign a one year lease?
  • Do you require tenants to carry renters insurance?
  • Who is responsible to clean the carpets when the tenants move out?

Accounting

  • Do you have a way to take tenant payments online?
  • May direct deposit my funds and if so am I charged for that service?
  • How often do you send me a profit and loss statement?
  • Do you give me access to the tenants lease and other documents?
  • Do you send me or give me access to all receipts and invoices for expenses on my property?
  • Do you give me online access to all accounting data.
  • Is my 1099 year-end accounting provided or do you charge me extra for that?

Property Inspections

  • How often do you do interior inspections of my property?
  • Do you send me pictures and a detailed report of the inspection you perform?
  • Do you provide an asset inventory of my property?

Maintenance

  • Do you provide 24-hour emergency maintenance service?
  • Am I notified prior to all maintenance?
  • Do you provide me with any maintenance or vendor discounts?
  • Do you mark up maintenance performed on my property by outside vendors?
  • Do you mark up materials purchased for maintenance on my property?
  • Do you require me to pay you a minimum reserve for you to hold and apply to maintenance?

General

  • Do you list or sell real estate?