Important Questions to Ask

You’ve already decided you have better things to do than vet an endless stream of applicants, answer late night calls and navigate complaints—all of the challenging tasks landlords must undertake.

 

You’re ready to let a professional property manager care for your rental and manage any hassles. But how to choose the right manager?

Ask these  important questions to ensure you hire the best property manager to meet your specific needs.

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Click below to read the sample contract in its entirety.

Q On top of the monthly management fee, what other fees do you charge?

Typically, a property management company is compensated by a percentage of the monthly rent the property generates. This covers services such as finding the right tenant, rent collection, record keeping and managing repairs and maintenance. While some companies may charge a lower percentage in monthly management fees, keep in mind they probably charge you additional fees for things such as scheduling maintenance, paying your repair invoices or they mark up the work for which you’re already being invoiced!

We’re transparent. Nebraska Lifestyles charges zero additional fees. We receive the agreed upon monthly fee for our services. That’s it.

Q How many years of experience does the person who will handle my property have?

It’s important that the team you hire to manage one of your largest investments have time-tested skills and extensive management experience. The team at Nebraska Lifestyles has more than 40 years of property management experience. We’ve seen it all and we have fixed it all.

Q How many tenants does your company evict in a year?

This question is critical because it addresses the property manager’s ability to properly and thoroughly screen tenant applicants. Choosing the right renter can make life very easy—or, if done poorly, very difficult. Nebraska Lifestyles evicts less than 2.5% of tenants each year, which speaks volumes about our proven vetting process.

Q Tell me about your history of complaints/sanctions against your company filed with the Nebraska Real Estate Commission, the governing body of property managers in Nebraska? Has anyone from your company ever been sanctioned? For what?

Some property management companies have multiple complaints from renters and owners, ranging from lost keys to missing rents and deposits. Select a company like Nebraska Lifestyles, one with a clean record, exceptional bookkeeping and a pristine history with the Nebraska Real Estate Commission.

Q What does your portfolio consist of (percent of commercial to residential; Percent of multi-family units to single family units)?

If the property manager you’re speaking with focuses on anything but single family homes, you may want to consider other options. Single family homes are a completely different market and have nuances and care needs to protect the value that multi-family units simply don’t.

In addition, if the company you’re speaking to also deals in commercial properties, their attention will most likely be on the larger revenue source, and they may not fully understand the care and upkeep of your home.

Q What’s the turnover rate of your staff?

If you’re considering a company with a high rate of turnover, you could be asking for real problems down the road. A constant influx of new employees will make it difficult for the company to keep a close eye on your investment and on your accounting. The knowledge gained by managing the property is easily lost with each manager transition and could result in increased and repeated expenses.