What to Ask a Property Manager: 5 Key Questions to Ask a Property Management Agency
Are you a property owner looking to lease out your property for the first time? Or are you looking to change property managers? If so, you may be wondering what questions you should ask before hiring a property management agency.
This blog post will discuss five key questions property owners should ask before hiring a property management company.
1. How Do You Screen and Approve Prospective Tenants?
One of the most important duties of a good property manager is screening and approving prospective tenants. Ask your potential property manager what their process is and what criteria they use to determine whether or not a tenant is qualified.
2. What is Your Property Maintenance Procedure?
All properties need maintenance and repairs from time to time. Ask your potential rental property manager what their procedure is for handling maintenance and repairs.
Some property managers like property management Orlando will have some maintenance services included in their management service. This is a massive bonus, as you won't have to fork out cash every time your property needs a routine air conditioning service or pest inspection.
You should also ask about the availability of emergency maintenance services and what the property manager will do in the event of serious damage to the property?
3. How Often Do You Conduct Routine Inspections?
All good property managers will carry out routine inspections of your property. While undergoing the inspection, they will check everything is in order and look for potential problems. Ask your potential manager how often they conduct these inspections - it's important that they're frequent enough so that any small issues don't turn into big ones.
Some property managers also offer a move-in/move-out inspection service - this can be incredibly useful if you're trying to keep track of the condition of your property when new tenants are moving in or out.
4. What Fees does the Property Management Company Charge?
Property management fees vary from company to company, so it's important to know what you can expect to pay. Most property managers take their fees directly from the tenant's rent and pass the remaining amount onto you.
To avoid uncertainty when the amount charged fluctuates, ask your property manager what their management fee is, if additional costs will be required, and how frequently they will occur.
Some common extra charges include:
- * Lease renewal fees
- * Maintenance fees
- * Inspection fees
- * Fees for handling bills
5. Who Will be Managing my Property?
When interviewing property management companies, be sure to ask who will actually be managing your property. Then, if you have any questions or concerns, you know who to contact for answers.
Some companies have a dedicated property management department that shares property manager responsibilities, while others assign one specific manager to each property.
Ensuring your investment property isn't just handballed to the agency's most junior member is important. You want your property manager to be an employee with lots of experience, so you know your investment is correctly cared for.
Daily Bulletin
