Build Wealth With the assistance of Carolina Living Real Estate

Here’s a list of **frequently asked questions for property managers**, along with concise answers to help landlords, tenants, and real estate professionals:

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### **General Property Management Questions**
1. **What does a property manager do?**
– Handles **tenant screening, rent collection, maintenance, lease enforcement, and financial reporting** on behalf of landlords.

2. **How much does a property manager charge?**
– Typically **8–12% of monthly rent** for full-service management, plus leasing fees (50–100% of first month’s rent).

3. **Do I need a property manager?**
– Yes, if you:
– Own multiple properties or live far away.
– Don’t have time for tenant issues/maintenance.
– Want to maximize occupancy and rental income.

4. **How do property managers find tenants?**
– Through **MLS listings, Zillow, Rent.com, social media, and local advertising**.

5. **Can I still be involved in decisions if I hire a manager?**
– Yes, you can set **approval thresholds** (e.g., repairs over $500 require owner consent).

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### **Tenant & Lease Questions**
6. **How do you screen tenants?**
– Check **credit score (650+ preferred), rental history, income (3x rent), and criminal background**.

7. **What’s included in a lease agreement?**
– Rent amount, due date, security deposit, pet policy, maintenance responsibilities, and lease term.

8. **How do you handle late rent payments?**
– Send reminders, charge late fees (as per lease), and initiate eviction if unpaid (following state laws).

9. **What’s your eviction process?**
– Serve a **notice to pay or quit** → File in court → Attend hearing → Coordinate with sheriff if needed.

10. **Do you allow pets?**
– Depends on owner’s policy; often requires **pet deposit + monthly pet rent**.

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### **Maintenance & Repairs**
11. **Who handles maintenance requests?**
– The property manager coordinates repairs, either with **in-house staff or licensed contractors**.

12. **How are emergency repairs handled?**
– 24/7 emergency hotline for issues like **burst pipes, no heat, or electrical hazards**.

13. **Can I use my own contractors?**
– Usually yes, but managers often have **pre-vetted, discounted vendors**.

14. **What’s considered normal wear and tear vs. tenant damage?**
– **Wear & tear**: Faded paint, worn carpet.
– **Damage**: Broken windows, holes in walls.

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### **Financial & Legal Questions**
15. **How do you collect rent?**
– Online portals (AppFolio, Buildium), ACH, or checks.

16. **When do I get my rent payments?**
– Owners typically receive funds **5–10 days after rent is collected** (after deductions).

17. **What happens if a tenant breaks the lease?**
– Charge a **lease-break fee** (e.g., 2 months’ rent) and re-lease the property.

18. **Are you licensed and insured?**
– Reputable managers hold a **real estate broker’s license** and carry **liability insurance**.

19. **How do you handle security deposits?**
– Held in a **separate escrow account**, with deductions for damages documented via move-in/move-out inspections.

20. **What’s your vacancy rate, and how do you minimize it?**
– Competitive pricing, quick turnovers, and **effective marketing** keep vacancies low.

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### **Bonus: Questions Owners Should Ask Before Hiring a PM**
– **”What’s your management fee structure?”**
– **”How often will I receive financial reports?”**
– **”Can I see a sample lease agreement?”**
– **”How do you handle tenant disputes?”**
– **”What’s your average tenant retention rate?”**

Would you like me to tailor these answers for a specific property type (e.g., residential, commercial, Airbnb)?