What questions do you ask when hiring a property manager for rental property?

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- what’s their commission
- how much do they charge to place a tenant
- what’s their screening process for tenants
- what’s their familiarity with the area where your property is?
- do they have a list of vendors that they typically work with? Can you see the list so you can vet them?
- what’s the process for repairs of maintenance requests? What do they prefer for their “non approval” repair limit?
- how do they prefer to communicate, both with you and with the tenant

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If they will charge for service calls or of that's included in your monthly fee. (I.e. Are you paying them every month a retainer just to answer the phone?)

This really depends on the kind of property. It one thing to ALWAYS demand is that collections be tied to actual NET income collected. And the. Collection percentage should be below 5%. Personally, I charge 18% but I employ my own management company.

But to be frank, this all has to do with tax issues from my own perspective. I would not back off on the management fee as a percentage of net rents though. This is especially true if you’re outsourcing all management. It makes them keep operating expenses down and not overcharge you for fixing stuff, etc.

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