A property management company helps to maintain a residence and its occupants without the owner’s daily input. If you’ve invested in multiple properties, there’s a good chance you’ll need their help with upkeep and covering costs.
Every company is different, however, so you can’t go in assuming they’ll handle all of your needs. You also don’t want to end up paying too much for too little.
Here is some of what to ask your potential property manager before you pay for their services.
1. What Services Do You Offer and What Are Your Prices?
One of the first property management questions you should ask is how much each of their services cost.
Not every property management company offers the same services at the same prices. Write out a list of everything you need from them before you meet. And make sure to ask about their various fees.
2. How Will You Fill My Property?
A key job of property management services is keeping your real estate occupied.
Ask the manager what kind of platforms they use to advertise and how they plan to utilize them. Will they require you on-site for viewings, or will the property manager handle it all?
Also, consider how they screen tenants. Their methods may not create as inclusive an environment as you desire.
3. How Do You Calculate and Collect Rent?
The property manager will be in charge of coming up with rent, so it’s important that you’re on the same page about your property’s value. They should take into account multiple factors to find the maximum rental income.
It’s also important for the company to use a modern and efficient method of rent collection. Cash can be misplaced, and checks can bounce.
4. Do You Handle Repairs and Maintenance?
Repairs and maintenance can take up a lot of time for real estate owners. Even if you like handling the contractors and repairs yourself, it’ll become way too much to deal with alone as your real estate portfolio grows.
Instead, hire a property manager who offers maintenance services in one of their plans. It may cost a little extra, but you’ll save big on time and money down the line.
5. What Are the Termination Conditions?
Not every property management company is going to be the right fit for your real estate empire. Especially avoid any that offer a lengthy contract with various cancellation fees.
Most services offer monthly payment plans with easy cancellation. You also want to avoid giving them too much power over your properties, such as requiring you to list through them.
Hire the Right Property Management Company
These are just a few of the questions to ask when choosing a property management company. It’s important that you hire one that you can trust to manage your real estate as well as the people living and working in them.
If you need help with selling your home or searching for a new property, check us out. Outland Real Estate services the Central Coast of California. Contact us to learn more.