You’ve decided to hire a property manager. A property manager will likely assist you with your concerns regardless of whether you need more time to handle your properties, have bought more, or are looking for someone with more experience managing your property. The times when you had to handle your maintenance, select your tenants, and manage the property’s accounting have long passed.
Why is it important to ask these questions?
You can pick many excellent property management companies that specialize in managing homes like your own. However, there are many differences between property management firms to be the same. It is often difficult to choose which company best fits your needs when they offer different rates, philosophies, and services. These questions aim to aid you in determining which businesses are the best for you and take care of your home. You may go here for five of the most crucial questions to be asked:
1. As an owner, what decisions can I make?
Management companies differ and serve as a go-between for tenants and landlords. It is best to delegate the responsibility to the property manager. If you’ve previously managed properties, you need clarification. You might be reluctant to give up responsibility. On the other hand, having direct control over the property handling business will slow the process. Major and urgent repairs will be communicated to you by property managers. More minor repairs rarely require additional notification.
2. How frequently do you inspect?
Real property management and maintenance require regular inspections. This helps ensure that your property manager is monitoring any issues. The property should be inspected at least once a year and, more often than not, every six months by the property manager. Damaged paint, old water heaters, etc., are items to be checked off their list. In annual inspections, property management can uncover unreported maintenance issues or damage caused by tenants. Leaving a problem unresolved for two months can lead to severe consequences.
3. How long do your properties typically stay on the market?
Ask about the company’s vacant rate. Property managers should keep track of vacant positions. They’re most likely only keeping records if they have the exact number. They can only fill long-term vacancies if they know how many there are. A property usually rents after 30 days. Inquire as to the reason they have properties that exceed this figure. Higher vacancy rates may indicate that the property is priced too high. An experienced property management firm will be able to evaluate these aspects and provide a precise price for the property. The property might have needed to be appropriately advertised with better-quality photography. This can cause a problem when selling your house.
4. How do I expect to wait for my house to be rent ready?
Find out the time it takes to prepare your house to sell. The property may be advertised later by the property management fees company. A property manager will examine your home for repairs or upgrades before listing your home. It takes 7-10 days, depending on the property type. Older homes usually require more renovations. This may take longer if the home has a lot of old light fixtures, wallpaper, and even paint. If you’d like your house listed swiftly, consider their suggestions. They can help you update your house to ensure tenants are satisfied. Beautiful homes attract gorgeous tenants. This type of question sets a timeline and also manages expectations.
5. What is the process for screening prospective tenants?
Property managers scrutinized tenants according to specific criteria, including criminal history, credit history, income, and rental references. Property managers should conduct credit checks of applicants. Credit scores (below 619) may impact your initial deposit. You must earn at least 2-2.5 times the rent. Co-signers could increase this. Verifying rental references from apartments or previous landlords is an aspect of tenant screening. You can confirm with their prior landlords that they have paid their rent punctually and had a good record as tenants.
These five questions will help you determine which property management companies are appropriate. They can help you choose between an unorganized business and one with the experience to handle your property successfully.