Top 3 Questions New Real Estate Investors Should Ask Before Hiring a Property Manager
Investing in real estate can be one of the most rewarding decisions you’ll make—but it can also come with a steep learning curve, especially when it comes to choosing the right property manager. A good property management company can maximize your rental income, protect your investment, and take the day-to-day stress off your plate. But not all managers are created equal.
Before you sign a management agreement, here are the top three questions every new investor should ask to ensure you're partnering with the right team:
1. What Services Are Included in Your Management Fee?
Property management companies vary widely in what they offer—and what they charge. Some companies quote low monthly fees but charge extra for essential services like inspections, tenant communication, or maintenance coordination. Others offer all-inclusive packages that bundle everything into one flat fee.
Ask:
What services are included in the monthly management fee?
Are there any additional fees I should be aware of (e.g., lease renewal, eviction handling, maintenance markups)?
Do you offer any owner benefit programs or inspection packages?
Why it matters:
Knowing exactly what you're paying for helps you avoid hidden fees and understand the full value of the service you're getting.
2. How Do You Market and Screen Tenants?
Your rental income depends on getting good tenants in quickly—and keeping them. A solid property manager should have a proven system in place for advertising your property, screening applicants, and reducing vacancy times.
Ask:
What platforms do you use to market available properties?
How long does it typically take to lease a property in this area?
What does your tenant screening process include?
Why it matters:
A thorough and consistent leasing process reduces turnover, protects your investment, and ensures you're bringing in qualified tenants who are likely to pay on time and take care of the property.
3. How Do You Communicate With Owners?
Communication is key—especially if you're an out-of-town investor or new to real estate. You want to work with a manager who is responsive, transparent, and proactive in sharing updates.
Ask:
How often will I receive updates or reports on my property?
Will I have a dedicated point of contact?
How do you handle urgent issues and after-hours emergencies?
Why it matters:
Timely updates and open communication help you feel confident in your investment and ensure that any issues are addressed before they become costly problems.
Final Thoughts
Choosing a property manager is one of the most important decisions you’ll make as a real estate investor. The right team can help you grow your portfolio with confidence, while the wrong one can cost you time, money, and peace of mind. Asking these three questions will give you insight into how a property manager operates—and whether they’re a good fit for your investment goals.
Looking for a property manager you can trust?
At PMI Midwest, we specialize in helping new and seasoned investors navigate the rental market with confidence. Contact us today to learn more about our full-service management solutions.
