Looking for a property manager to lease out your home for you? Here are 12 questions you should ask before deciding on a management company.
1) What are the services you offer to your clients?
Make sure that their services fit your needs.
2) How many rental units do you manage?
Too few rental units and they may be inexperienced and too many you may get lost in the shuffle.
3) Do you or your company own any of the rental units?
Make sure they don't own any of their own. If your unit is vacant at the same time theirs is, you can almost guarantee they will try to rent their home before renting yours.
4) How do you determine the rent amount?
You don't want your house overpriced so it doesn't rent and you don't want it underpriced because that will cost you money.
5) Under what conditions can I cancel my management contract with your company?
There is nothing like dealing with a company that you aren't seeing eye to eye with. Make sure you can void the contract if you are unhappy.
6) What are your management fees?
It is important to know this so that you can determine if it is going to be worth hiring a property manager.
7) Do you have lease renewal or lease up fees?
This is also important to know. You would hate to be hit with unexpected fees.
8) Are there fees when the unit is vacant?
You don't want to pay a management fee if there is no income coming in.
9) How do you handle owner payouts?
Knowing when and how you get your money is important.
10) How do you "market" the property?
Having a property manager that markets your property correctly will help you rent it faster.
11) What are your income and screening requirements?
You want to try and get a qualified tenant in your unit and keep them as long as possible.
12) What miscellaneous fees could I be charged?
Again, you don't want to be hit with unexpected fees.
Selecting the correct property manager is extremely important. Make sure they take the time to get to know you and understand you. Don't hinder too much on web reviews as it is easy for upset tenants to post negative reviews. When checking out a property management company make sure you check the Better Business Bureau.
Until next time.....