Choosing The Right Property Management Company For You

By Author: Jayden Walker
Total Articles: 9
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Choosing the Right Property Management Company for You When you need someone to handle your real estate property and home rental needs, be sure to find out if they provide the services you require. It is a good idea that you meet the people/business in person so you can see for yourself the person(s) that you will be entrusting your property to. Questions to ask the potential property management representative: 1. Can you evaluate the property and determine an accurate rental rate? Property management experience in the local area your property is situated is crucial for them to be able to assess what you can get for rent. Find out how many years they have been doing their business in the area and how many houses they handle, the methods used for comparing local rents, etc. 2. Do they keep detailed documentation of the exterior and interior including photos? Documenting the state of your property allows them to hold tenants responsible for damage to your property so your property is maintained at its original standard without your having to pay for repairs (except for regular wear and tear). 3. Does the ...
... property manager make recommendations on cosmetic or repair improvements that will maximize your monthly rent income while still providing a good return on your investment? 4. Be sure to discuss different policies regarding pets, smoking, water beds, etc. 5. Do they install a lock box for property management services? 6. How do they market the property for rent? 7. What preparations do they perform in preparing your home for rent, do they charge for such services, or do they expect you to have your home ready? 8. Which of the following services do they provide? Manicure landscaping to increase exterior appeal Clean home to optimize interior appeal Publish ads and in what advertising medium, i.e., paid and free rental listing websites, print publications, signs, fliers, MLS Work with other leasing agents and realtors in finding a tenant Screen prospects for viewings Days and hours they show rental property Utilize legally compliant rental applications Collect applications with a fee 10. How do they screen and select tenants? Do they perform a background check? 11. When a tenant moves in, do they do a walk-through inspection and have tenants sign a report stating the condition fo the property prior to moving in as well as signing a rental agreement after reviewing and collecting first month's rent and security deposit? 12. What does the property manager do to collect late rents and how do they enforce late fees? 13. Do they handle evictions? 14. Do they understand and abide by the latest legislations on rental properties? Will they advise you in the event of a legal dispute and/or refer you to a qualified attorney when needed? 15. What type of periodic inspections, both exterior and interior, do they perform to look for needed repairs, safety hazards, lease violations, code violations, etc, and do they send owner periodic report on the condition of the property? 16. Do they provide financial services such as accounting for property management services, making mortgage, insurance, and other payments for owner, keep invoices and receipts and records, provide tax documents, i.e., 1099, and inform owner on relevant tax deductions realted to their rented property, and provide reports? 17. Does the property manager provide a network of vetted, fully insured, licensed and bonded contractors , handymen, etc. with good up to code work and good pricing? Do they act as a general contractor in overseeing the work? 18. What outdoor maintenance services will the property manager be responsible for? Leaf and snow removal, landscaping, trash and debris, etc? 19. Do they have a 24 hour emergency repair hot-line? 20. How do they handle tenant move out to ensure that the property's condition is noted and and any damages repaired with the security deposit? Do they clean unit and perform needed repairs or upgrades? Do they rekey locks? The above list can give you a starting place in your search for a reliable property manager that fits your needs.