How to Vet an Out-of-State Property Manager

Do you know what questions to ask a property management company in order to evaluate them and decide who should manage your property?

What kind of background checks should they perform on their employees who have access your property? What is a reasonable vacancy rate for their portfolio? How should they handle evictions? What screening process should they be using for placing a tenant in your property?

Also, what type of fees should they be charging you, and what should you look for in the fine print of a property management agreement?

Do you know how to use third party sources to independently verify property management company performance?

View our educational webinar and learn how to vet an out-of-state property manager.

Watch the Property Management Webinar Below

There are 5 Key Categories of Inquiry for Vetting a Property Management Company Before You Hire Them:

Category 1 Questions: Vetting the Company
- ✔ What kind of insurance does the property management company carry?
- ✔ What type of background checks do they perform on employees who have access to your property?
- ✔ What type of licensing and certification do they have?
- ✔ How long have they been in business?
- ✔ What type of properties do they specialize in managing?
- ✔ How many properties (like yours) do they currently manage?
- ✔ How do they handle evictions?
- ✔ What screening process do they use for placing new tenants in your property?
Category 2 Questions: Vetting Their Track Record
- ✔ What is their vacancy rate currently?
- ✔ What is their eviction rate?
- ✔ What is their lease-renewal percentage?
- ✔ How long does it take to fill a vacancy?
- ✔ What is the average length of tenancy?
Category 3 Questions: What Will The Out-of-State Ownership Experience Be Like
- ✔ What online property management platform do they use?
- ✔ What information will you have access to in your online owner portal?
- ✔ Who is your direct contact person at the property management company
- ✔ What is the expected response time if you have a question or problem?
- ✔ Under what circumstances will the property manager contact you personally?
- ✔ What decisions do you need to make and what decisions will the property manager make on your behalf?
- ✔ Do they provide regular inspections with photos to you?
- ✔ Do they provide timely reports of tenant complaints, repairs, rent collection, and detailed monthly financial statements?
Category 4 Questions: Reviewing the Agreement
- ✔ What is the monthly management fee?
- ✔ What is the lease renewal fee?
- ✔ What is the new tenant placement fee?
- ✔ What is the markup on maintenance?
- ✔ What fees would I incur in the event of an eviction?
- ✔ What other fees might I potentially incur?
- ✔ What is the Property Management company liable for vs. what am I liable for as the owner?
- ✔ What are the termination terms of this agreement?
Category 5 Questions: Getting Third Party Verification
- ✔ Check references of current customers
- ✔ Read Online Reviews (from BOTH owners AND tenants)
- ✔ Independently verify licensure, certification, insurance, and whether there are any formal complaints pending against the company.

Introducing Renters Warehouse

Renters Warehouse offers a full-service Property Management platform that addresses all the needs of out-of-state real estate investors, from tenant placement to property management to analytics and reporting.

They operate in 40+ U.S. markets and manage 15,000+ residential homes for 12,000+ investors (totaling over 4 Billion in real estate currently under management). They have been the most popular Property Management company among Maverick clients over the last decade.

You can interview them about potentially managing your next property purchase, or the rental properties you currently own, and see if they are the right fit for you.

WEBINAR VIDEO: How to Vet an Out-of-State Property Manager

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How to Vet an Out-of-State Property Manager

Do you know what questions to ask a property management company in order to evaluate them and decide who should manage your property?

Watch the Property Management Webinar Below

There are 5 Key Categories of Inquiry for Vetting a Property Management Company Before You Hire Them:

Category 1 Questions: Vetting the Company

Category 2 Questions: Vetting Their Track Record

Category 3 Questions: What Will The Out-of-State Ownership Experience Be Like

Category 4 Questions: Reviewing the Agreement

Category 5 Questions: Getting Third Party Verification

Introducing Renters Warehouse

You can interview them about potentially managing your next property purchase, or the rental properties you currently own, and see if they are the right fit for you.

WEBINAR VIDEO: How to Vet an Out-of-State Property Manager

AFFILIATE DISCLOSURE:

Check Out Our Free Resources

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