What Questions Should I Ask When Hiring a Property Manager?

When you’re choosing a Bozeman property management company, you need to be intentional about choosing the best team for your rental home. Make sure they have the experience you need, and look for a company that’s reputable and local.

As you’re doing your due diligence in researching potential companies, make sure you schedule some interviews. It’s important to get a sense about how a property management company works and whether it matches your own investment goals and priorities.

Here are a few things you should ask before hiring a Bozeman property management company.

How Will You Communicate with Me?

Technology has provided a number of ways to communicate with our owners and tenants. We can make phone calls, send emails, type out a text message or send a direct message on social media.

Make sure you understand how your property manager prefers to communicate, and discuss whether it matches the way you are comfortable communicating. If you’re an out-of-state investor in another time zone, online communication might be best. If you like the in-person meetings and phone calls, make sure your property manager is prepared for that.

Discuss your expectations. Transparent communication is an important part of your relationship, and you need to know how often you’ll hear from your property manager and in what format you can expect to have information shared and questions answered. The way they communicate with you might also reflect how they communicate with tenants, vendors, and other partners.

How Do You Keep Up with Changes in the Law and the Industry?

Landlord and tenant law in Montana is fairly straightforward, but there are always things that change. Federal laws also impact Bozeman property management, so you’ll need to be sure your company understands the Fair Housing Law, Americans with Disabilities Act, and Fair Credit Reporting Act.

You also want a company that stays up to date on industry best practices. Look for memberships in state and national professional associations and organizations.

How Do You Collect Rent?

You need to know how rent will be collected and how it will be paid to you. Find out when rent is due, how tenants are expected to pay the rent, and whether there is a grace period or any late fees when rent doesn’t come in on time. You also want to ask when you can expect to be paid. You’ll need to know if your payment will be deposited directly into your account or if you can expect to receive a check in the mail.

A good property management company will provide an accounting statement every month, either online or in the mail. You want to be sure you’ll understand the income and expenses associated with your rental property.

How is Maintenance Reported and Handled?

Find out how your property manager handles routine and emergency maintenance. Are you going to be asked permission every time a $50 fix is required? Or, will you only be bothered for repairs that are more than $300 or $500? Set up some expectations and boundaries so everyone understands how maintenance should be managed. Ask about emergencies too; you’ll need to know if they’re available 24 hours a day. 

These are only a few of the questions you should ask when you’re seeking Bozeman property management. Contact us at Peak Property Management to further discuss what you should ask.