How to Vet a Property Management Company
10 Essential Areas and Questions Every Owner Should Ask a Potential Property Management Company
Network and Electronic Security
What is your computer and internet use policy in your leasing office?
How is resident data security handled through your property management software?
What is being done to protect information delivered over the web on-site?
Software Programs and Updates
Is your property management software updated and current?
Do you always run the most current version of Windows, and what are you running now?
Is your lease agreement kept current and up to date?
Accounting and Financial Policy
What standard practice and method does your accounting system employ?
What is your policy for handling rent payments?
What is your protocol for the processing and documentation of late rent payments or returned checks?
Application Policy and Procedures
Do you have a consistent standard for qualifying residents for occupancy?
Is Fair Housing signage posted at each of the properties you manage?
Transparency Information Access
Will I have secure and private access to my site’s financial reports and other site information 24/7 from anywhere in the world?
Will the records be maintained for me from year to year so that I don’t have to store the records in another location?
What annual training do you provide to or require for your staff?
Building Access and Security
Will a prospective resident ever be given the keys to the community and allowed to visit an apartment alone, without the supervision of office staff? What is your policy for key releases to vendors and residents?
Do you conduct a move-in walk-through inspection of the unit with your resident, or do you let the residents conduct the inspection alone?
How do you confirm reported damage was not done by the resident?
Advertising and Marketing
Do you have a plan for advertising and marketing?
What methods of marketing and advertising are used?
What risk management controls do you have in place?
What cost controls do you have in place?