Top 5 Questions to Ask a Property Management Company Before Registering
Ask anyone and they would bite off your hand if you gave them an opportunity to own a property. Becoming a property owner is one of the unwritten tenets of the American dream. However, becoming a private property owner is not a bed of roses. This already difficult job became even harder since the global pandemic hit. However, the blow has been softer for property owners affiliated with top property management companies. This is because the leading property management companies have a tested and trusted method. There are plenty of property managers out there, but finding the right manager for your property is not as straightforward as going for the biggest name you see. Paying more does not guarantee better service. You can only know the property management company suited to your personal needs by talking to them.
Talking to them alone is not enough either. You need to know the right questions to ask before you hand over the keys and sign the documents. Below are five questions that you cannot afford not to ask your property manager.
What Experience Do You Have?
This is an important question to ask because nothing can act in lieu of experience. Longevity with an excellent success score puts your mind at rest that the property management company you choose has a track record for making the right choices. The company will assign you a property manager. You are also within your right to know how much experience they have too. In the same breath, you should also ask how many properties they are managing simultaneously. Too many, and your property might become the middle child. Too little, and they might not be as reliable as they claim.
What Services Do I Get?
Services that top property management companies offer include monthly rent collection, financial and accounting services, maintenance, representation in court, and many others. Create a list of all the services you expect from your manager and go through them in your interview. Talk in length about the other services they provide that might be beneficial to you. You have options – explore them.
How Will You Manage Vacancies On My Property?
Ask how the property management company will advertise your property and make sure the right people fill it. How many days will your manager be available to show your house to prospective tenants? Do they hand over the keys or take them on tours of the property? Will you run background checks, eviction history, and current employment status before renting out my property? What is the average vacancy period on your properties?
These are valid questions that you should ask your property manager, especially when you pay a fixed price. Some might not be as motivated to fill your vacancy since they get paid regardless.
Tell Me About Your Fees
The top property management companies know their worth, and it reflects in their fees. Incredibly low prices should make you suspicious. A lot of people feel uncomfortable talking about money – you shouldn’t. Ask about miscellaneous fees. These include service termination fees, court cases, evictions, tenant finder fees, etc. There are always additional fees. Always ask about them because they are for essential services that you cannot do without.
How Will You Keep Me Updated?
Your property manager will make some decisions on your behalf. Hence, you need to work out a system to stay in the loop with how they manage your property. These reports should come at regular intervals. They should also be in easily readable formats for you.
Once armed with the right questions, you can schedule your call now. You might also be better served by going for a local property manager like localdwelling.com. They usually have a focused approach because they are not spread over large areas to focus on your property.