I’m Mike Fisher with MF CashFlow Property Management, part of M Property Group LLC in New Lenox, IL, a Licensed Illinois Real Estate Broker. I’ve been investing in Chicago real estate for 35 years and done thousands of deals. Handing your property to a manager is a real decision, and the interview goes both ways. A good company will welcome hard questions. Here are the ones I’d ask before signing anything, and why each one matters. How Do You Screen Tenants? This is the most important question, because the tenant a manager places determines almost everything that follows. You want a clear, consistent process: income verification, rental history, and a fair standard applied the same way to every applicant to stay compliant with fair housing law. If the answer is vague or the process changes from applicant to applicant, that’s a real risk. The whole value of good management starts with who they let through the door. You can see how we answer this question on our tenant screening page. Exactly How Are Your Fees Structured? Ask for the complete fee schedule in writing: the monthly management fee, the leasing or placement fee, and any other charges like renewals, technology, or maintenance markups. There’s nothing wrong with a company charging fairly for real work. There is something wrong with fees you have to dig to find. If it takes three follow up questions to learn what something costs, you’ve learned how the relationship will go. Ours is public on our pricing page. Who Keeps the Late Fees? This one tells you a lot. When a tenant pays late, that fee should go to you, the owner, because it’s your rent that came in late. At my company, 100% of late fees go to the owner. Some companies keep them. Neither is illegal, but the answer shows you whether a manager is set up to earn money with you or off of you. How Do You Handle Maintenance and Choose Vendors? Repairs are part of owning a rental, so ask how they’re handled. Who do they call, how are you notified, and is there a spending limit before they check with you? You want someone shopping the work on your behalf and making honest repair versus replace calls, not approving the first quote without question. Maintenance is where an inattentive manager quietly costs you the most. How Fast Do You Fill a Vacancy, and How Do You Price It? Every empty month is rent you never get back, so speed and pricing matter. Ask how they set the rent number and how they market a unit. The answer should come back to real local comparable rents, not a guess or a national website. A manager who prices right and markets hard fills units faster, and that speed often covers a good chunk of the fee by itself. A free rental analysis is how we start that conversation. Are You Licensed, and Who Actually Handles My Property? In Illinois, property management is a licensed activity, so confirm the company and the people are properly licensed. Then ask who your daily contact will be. You want to know whether you’re dealing with people who know your property or a rotating call center. I manage every client’s property the way I manage my own, and you deserve to know exactly who is doing that for you. Can You Show Me a Sample Owner Statement? You should be able to see, clearly, what came in and what went out each month. Ask to see a sample statement before you sign. Clean, understandable reporting is a sign of a company that runs a tight operation. If the sample is confusing or they’re reluctant to share one, expect the same fog once you’re a client. Frequently Asked Questions What’s the single most important question? How they screen tenants. Everything downstream, your income, your maintenance costs, your risk, traces back to who they place in your property. Should I just pick the lowest fee? No. The best net return after the fee is the goal, not the smallest fee. A cheap manager who leaves a unit empty or places a bad tenant costs far more than they save. How do I know if a manager is licensed? Ask directly and confirm it. A legitimate company will have no problem telling you. Ask me every one of these questions and I’ll answer them straight, that’s the whole interview. Reach me at (708) 719-0977 or book a time at cal.com/mike-f/30min. At MF CashFlow, our business model is your cashflow.
Thank you, Mike
Illinois Licensed Real Estate Broker M Property Group LLC New Lenox Il. 60451
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On Fri, Jul 31, 2026 at 11:21 AM Mike Fisher | MF CashFlow < mikef@mfcashflow.com> wrote:
