On the surface, all property management companies might look the same, but in reality, that's far from the truth. It's important to get a feel for the people you will be working with and their track record managing rental homes. The best property management companies communicate effectively and put the best interest of both the property owner and tenant at the forefront. This can be done by offering honest and reliable services while disclosing details that will help the property owner feel at ease.
In the is blog, we'll discuss four questions you need to ask a property management company before hiring them.
What Services do you Offer?
The very first question you should ask a property management company is "what services do you offer?" If they don't offer needed services, you know you can move on right then and there. If they do offer everything you need, ask specific questions about their services to see if you're still on the same page. The property management company should handle:
- Maintenance requests
- Rent collection
- Background checks
- Property inspections
- Accounting services
- Security deposits
- Mortgage and utility payments
If these services aren't included, you will find yourself hiring someone else to take care of them. In that circumstance, communication can dwindle between parties. Keeping all of these services under one company will make the process much smoother.
How Much Experience do you Have?
Experience isn't the end all be all for being a successful property manager. But it helps. Experience helps a property manager handle situations that they have learned from in the past. Whether it's something they did wrong and would like to change, or if the circumstance went seamlessly and they would do it the same exact way, only years of experience can help guide an individual through certain happenings. If something goes wrong with a property, knowing exactly how to handle the problem will most likely come from years and years of industry knowledge and experience.
What Types of Properties do you Manage?
The property management company you are interviewing might only have experience managing apartments, condos, single-family homes or a combination of all properties. It's important to make sure their expertise lines up with the property you want them to manage.
Not only is it important to find out what types of properties they manage, but how many properties they manage at one time. If they manage a small number of properties, is it because they have trouble retaining clients? If they manage a lot of properties, will your investment get the care it deserves? Asking these questions can unveil a companies shortcomings that you shouldn't have to deal with.
What is the Fee Structure?
There are many different ways a property management company can structure their fees. You have to determine if what they offer suits your needs. Make sure they are being upfront with their base rates and extra fees so there aren't any unexpected charges to your account.
Reed Property Management
At Reed Property Management, we bring over 30 years of industry experience to the table and offer all of the services listed above. Our clients own everything from condos to single-family homes, so our knowledge and expertise cover a vast array of property types.