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Property Management Checklist – Residential
If you are shopping around for a property manager for your investment property, it is important that you know what quality and range of services you are paying for.
Not all property managers are the same.
In order that you make an informed decision, ask the following questions of the agency you are considering for the job of managing your property.
- Are your property managers involved in the leasing process?
- Do they give out keys to potential tenants?
- Do they talk to you and advise you of the suitability of the potential tenant?
- Do your property managers prepare leases within your requirements?
- What documented systems are in place for property management?
- What is your process for dealing with rent arrears?
- What is your process for dealing with repairs and maintenance?
- What steps do you take to ensure that all contractors working on my property are properly licensed and insured?
- What steps do you take to ensure that all maintenance work on my property is competitively priced?
- What is the experience level of my staff members who will be leasing and managing my property?
- How much training have they had?
- How frequently will you account to me for rent monies collected on my behalf?
- Can you send me my rent statements by email and deposit my money in my bank account electronically? (Yes/No)
- Do you provide a service guarantee? (Yes/No)
- Does the agency have documented service standards? (Yes/No)
- What back up staff are there in the event that my property manager is sick or on holidays?
- How frequently will you communicate with me and what form will it take?
- Do you have the proper licences to hold and operate a trust account?