One of the most important things to watch out for is a new and inexperienced property manager. There are a lot of new companies popping up all the time, and many of them don’t last. Seek a company with a decade or two of experience doing business.

It’s also a good idea to ask about fee structures. Most managers charge between 8 and 10 percent of the monthly rent. But, watch out for managers who will charge you even when no rent is coming in. You might find a manager who only charges 7 percent in management fees, but continues to collect that fee every month, even if they haven’t collected rent. This provides no incentive to keep your vacancy rate down. It’s a good idea to make sure a property manager doesn’t get paid until you do.

Choose a management company that is willing to deal with maintenance issues in a way that works for you. Some companies will spend money on repairs without notifying you. If you trust them, that may be acceptable to you. But, it’s a good idea to set a certain dollar amount and ask to be notified before any repairs are approved above that amount. Watch out for property managers who add an exorbitant fee on top of repair expenses. Some managers will add an additional 10 percent, but this does fluctuate from company to company. Watch out for that.

A good property management company is up to date with the latest software and technologies that can make them more efficient. Ask to see a sample of a report they run for their clients. If they cannot produce that through an automated system, you might want to keep looking. If they can produce an automated report, they will probably be efficient and accurate with their systems. It’s also important to make sure that they will give you a monthly statement with your rent payment in a timely manner.