Shopping for a property manager and wondering what questions you should have? Here we tell you exactly what you should be asking a property manager and what responses to look out for. Robert C. White & Company it’s all about transparency, and we want you to find peace of mind no matter what property manager you land with!

What’s Included in Your Services? 

The first thing you’ll want to find out is what kind of services are included as part of the property management package you’re thinking about. Some managers may offer rent collection and maintenance oversight but exclude things like financial reporting or help with evictions processing. You’ll want to know exactly what is and is not a part of the service contract you’re considering. As an example, Robert C. White & Company offers these eight services at every level of our property management plan: rent collections, property marketing, tenant screening, maintenance oversight, property inspections, financial reporting, evictions help, and legal guidance!

What % Fee Do You Charge?

Some property management teams offer a flat rate no matter the property type or level of service provided, while others use a tiered system depending on the PM package you’re purchasing. Ask the company you’re considering exactly what their monthly charges are and which of the services we discussed above may be included. Going with the cheapest property manager often isn’t the best option because you’ll have limited services and likely fewer contact points along the way. The property management team that understands the value they add may charge more, but may also put more money in your pocket by staying on top of maintenance items and being more efficient with marketing + tenant selection!

What Additional Fees are There?

You may know what percentage you’ll pay monthly for property management services, but what other charges can you expect? Make sure you have a breakdown of all possible expenses associated with your property management service. Releasing of the property, among other things, often has a separate charge associated. If you want additional items like rent loss protection or evictions services, those likely have added cost as well. Nobody likes surprises, and a good property manager should be transparent about all of their fees!

What Protections/Guarantees are Included for Owners?

If you’re paying for a professional property management service, you’ll want to ask them what kind of owner protections are in play before the contract is signed. Many companies won’t charge you while your property is vacant, but what about liability for placing a bad tenant or pet damage? Find out if the property manager you’re hiring offers any landlord protections to their clients. Another example from Robert C. White & Company is our “Quality Tenant Guarantee,” which means we stand behind the tenants we select. If we place a tenant in the property and we ever have to terminate that rental agreement with the tenant due to poor performance or breach of contract, we will replace them with a new tenant and the leasing fee for the new tenant is FREE.  This kind of guarantee insulates the owner from loss of revenue and brings added peace of mind, which all good property managers should do for you!

What is your Average Time to Rent a Property?

Your property manager will likely be taking over the marketing and leasing for your property, and you want to be confident in their ability to get this done quickly. Heck, if you can avoid vacancy all together, that’s even better! Before you sign a contract with a property manager, inquire about their listing process, and ask how long it usually takes them to place a tenant. A smart management team should be able to market at the right rate and find a high-quality candidate quickly and efficiently!

What are your Strategies for Marketing and Pricing a Property?

With a property management company readying to take over your property, you’ll want to ask them about their strategy for setting the rental rate and marketing your property. Make sure you’re getting a comprehensive market analysis from a real estate professional that will compare and analyze your property with similar local listings! Then you should ask about where your property will be listed and syndicated? Most renters today shop online, so the use of Multiple Listing Service, Zillow, Trulia, and other hosting sites is critical.

Want to see how Robert C. White Does It? Click Here To Learn About Pricing A Rental Property.

How Many Properties Do you Manage/What’s Your Experience with Properties Like Mine?

At RCW, most of our portfolio is made up of single-family homes and condominiums, but we also have experience with multi-family properties in select locations. Before signing, ask your new property manager for information about their portfolio and what kind of experience they have with properties similar to yours. Just because they have a history of success renting out 1-bedroom apartments near the city, that doesn’t mean it will translate to single-family rentals in suburban areas. Get someone that knows your property type and the local market!

Am I Signing a Long-Term, Binding Contract?

Last but not least, make sure you understand the fine print in the contract you’re signing. Robert C. White & Company offers a unique “Burn the Contract” Guarantee, meaning we don’t hold any of our clients to a long term agreement. If you’re unhappy with your property manager, it’s our firm belief that you should be able to cancel the service at any time at no cost! So, ask the property manager if you’ll be able to leave at any time and if there are any cancellation fees associated. 

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