5 Questions To Ask Before Hiring A Property Manager

5 Questions To Ask Before Hiring A Property Manager

Some of you may be looking for a property manager and you’re not sure what to ask the company you are considering. Some of you may already have a list a mile long of what you’re going to ask your potential Chicago property management company. However, consider adding these five questions to your list as well. These are a few ways to help you get to know more of what to expect when it comes to hiring someone to take care of your rental investment.

1. How many other rentals do you currently manage? The answer to this question can be very telling. If they have a large variety of clients, they may be too big for your one or two investment properties. For those who don’t have many at all, it could be a sign of inexperience. You want to find someone who manages properties like yours as well.
2. How are rent amounts determined? This is important for you to know. You may feel like you should have a say in the rent amount and your property manager may have other ideas. Talk with them before you start working with them on how they determine rent. They should be able to work a market analysis for you to show comparable properties and what to expect.
3. How is rent collected? If the Chicago property manager expects your tenants to bring rent payments to the office, this could be a huge issue. Gone are the days where people keep checks on hand. They typically want an online, quick way to take care of all their payments. Make sure this is something your company offers if you want it.
4. Is direct deposit available for owners? When it comes to getting your payments, you want to know if direct deposit is an option or if you have to wait for a check to be sent. Direct deposit allows you to skip the waiting and the possibility of it being lost in the mail.
5. What happens with vacancies? So, vacancies will happen. They always do. You need to know what to expect. Will you still be charged for those properties when no one is in them? How long do vacancies typically last with this company? How fast can they fill them? What are their screening policies? It’s a good idea to get all the facts out ahead of time before you decide on which company you want to work with.

These are just a few of the questions to keep in mind when you’re looking at a property management company in Chicago. A great option for you to consider is Connected Management. Our team has been in business for years working with small to medium properties in giving them our undivided attention. Contact us today to learn more about our services and how we can help you successfully manage your Chicago rental properties.