The questions that actually separate property management companies are about numbers and contract terms, not the list of services - because every company offers roughly the same services. Ask for average days-on-market, the full fee schedule in writing, and the termination clause, and you will learn more in five minutes than an hour of discussion about their approach.
Here are fourteen questions worth asking, grouped by what they reveal.
Questions about performance
These are the ones with numbers attached. A company that runs well knows these figures; a company that does not, hesitates.
1. What is your average days-on-market? The most important question on the list. Vacancy costs more than the fee on most properties - a month empty on a $2,000 rental is $2,000, roughly ten months of management fee at 10%. A manager who fills units three weeks faster than another has paid for themselves before doing anything else. If they will not give you a number, that is the answer.
2. What is your tenant retention or renewal rate? Every turnover costs vacancy plus make-ready plus leasing. A company with a high renewal rate is saving you that repeatedly. Anything reported as “very good” without a figure is not a figure.
3. How many units do you manage, and how many per staff member? Portfolio size tells you about stability. Units per staff member tells you about responsiveness. A company managing 800 units with four people will not answer your call the way one managing 200 with the same team does.
4. What percentage of your tenants are evicted in a year? This is a screening quality question in disguise. A low figure suggests they select carefully. A high one suggests they fill units to start the fee clock.
Questions about money
5. Can I have your complete fee schedule in writing? Not the headline percentage. The schedule: management, leasing, renewal, inspection, maintenance markup, setup, vacancy, eviction handling, early termination. Then build your own annual total using your rent and your realistic turnover. Percentages are not comparable across companies; annual totals are. There is more on this in how much property managers charge.
6. Is the management fee charged on rent due or rent collected? It should be on rent collected. On rent due, you pay them during vacancies and while a tenant is in arrears, which removes their financial reason to hurry on either.
7. Do you mark up maintenance invoices, and by how much? Markups of 10-20% on third-party work are common and legitimate if disclosed. What you want is the number in writing, because an undisclosed markup is the most common source of owner disputes.
8. Do you employ technicians or subcontract everything? This is not a right-or-wrong answer, but it changes the incentives. In-house technicians can be dispatched and priced directly. A subcontracting model adds a coordination layer and usually a markup on top of someone else’s invoice.
9. What is the repair threshold I have to approve? There should be one - commonly $200-$500 - above which they contact you. No threshold means work happens on your account without your knowledge. A very high threshold means the same thing with extra steps.
10. When do I get paid, and what does the statement show? A specific date each month, and a statement itemising rent, fees and every expense with invoices attached. “Around the middle of the month” and a summary total are both answers worth pressing on.
Questions about the contract
11. What is the termination clause? Read this before anything else. You want a 30-60 day notice period with no penalty. Watch for early termination fees of $500-$2,000, automatic renewal, and lock-in periods of 12-24 months. This is the clause that turns a bad fit into an expensive one.
12. Who holds the security deposit, and where? In Connecticut the deposit must sit in escrow at a Connecticut financial institution, earn annually published interest, and be returned or itemised within 21 days. Ask specifically how they track anniversary interest across tenancies - it is the requirement most commonly missed. See Connecticut security deposit rules.
13. Are you licensed and insured, and can I see the certificate? Ask for the certificate rather than the assurance. Confirm general liability and, where relevant, errors and omissions coverage.
14. Can I speak to an owner who left you? Every company can produce a happy client. The revealing request is for one who left. How they handle the question - and whether they will engage with it at all - tells you more than the reference would.
What answers should worry me?
| Answer | What it usually means |
|---|---|
| “We don’t really track days-on-market” | They are not measured on the thing that costs you most |
| “Our fee is all-inclusive” with no schedule | The fees exist; you will meet them later |
| “You won’t need to worry about repairs” | No approval threshold |
| “Everyone signs a two-year term” | The termination clause is where their retention comes from |
| “We can start today” with no property visit | They are pricing your unit without seeing it |
| Any figure given as a feeling rather than a number | They do not have the number |
How to compare two companies properly
Do not compare the percentages. Do this:
- Get both full fee schedules in writing.
- Build the same annual table for each, using your rent and your realistic turnover rate.
- Add the vacancy difference: multiply the gap in their average days-on-market by your daily rent.
- Compare the termination clauses side by side.
- Then compare the totals.
A company at 12% with fast letting, in-house maintenance and no markup often costs less over a year than one at 8% with a 20% markup and six-week vacancies. The headline rate is the least informative number in the conversation.
One thing worth doing before you call anyone
Work out what your last turnover actually cost - the vacant days, the make-ready, the lost rent. Most owners have never calculated it, and it is the number that makes the rest of this comparison concrete rather than theoretical.
If you would like to ask us these fourteen questions, get in touch and we will answer all of them in writing, including the ones about our own numbers.
This article describes general practice in US residential property management as of August 2026. Connecticut security deposit requirements are summarised from the Connecticut Department of Banking; this is general information, not legal advice.