Property Management Blog

Whether this is the first time you’ve ever rented out your home, or you’ve rented it out and managed it yourself or with the help of a friend, you probably still have some great questions. We have a list of things you should ask any property manager, and today we’re highlighting a few of the most important interview questions to ask.

What Services Do You Offer and How Much Do They Cost?

Compare apples to apples when you’re looking at companies. If you’re looking only at management fees, you might miss that one company is providing a lot more services than another. Things like inspections should be included, and you want to make sure a management company offers what you need. Don’t just look at the dollar amount. You have to make sure the company you select is a good match. They need to provide the financial reporting and documentation that you expect, and you want them to communicate well with you. If your rental is $2,000 per month, the difference in 1 percent when you’re considering a management fee is like $20.

Do the Property Managers Own Rental Property?

We own rental properties ourselves. They are part of what we manage. Everyone treats our properties the same way we treat other clients’ rental properties. We go through the same processes and use the same vendors. As owners of rental real estate, we have a different perspective. Having felt the pain of replacing a roof and repairing air conditioning systems while coming out of a bad real estate market gives us an understanding of how every penny counts and every action matters. We started out without a great screening process, and we have learned a lot along the way. We now know the laws and the best practices that allow for perspective and expertise. We believe this helps us be better managers.

How Many Lawsuits and Evictions Have Been Handled?

We have been fortunate in that we have never had a lawsuit and we have never evicted a tenant who we placed in a property. We hear a lot about property managers going to court, but we don’t have to do that. We believe it’s because of our rigorous screening process, our consistent procedures, and the way we treat people. It protects our owners and we keep up with laws to decrease liability for us and our clients.

These are just a few questions you should ask, but there are many more. If you’re looking for a Northern Virginia property manager, please contact us at Richey Property Management.