Like any other business arrangement, due diligence must be done before entrusting your rental property to a property management company. It is important to make sure you are dealing with an experienced and reputable firm that can maintain your property value and help you earn income from your investment. Just like hiring a job seeker to work for you, you should interview a property management company before doing business with them to make sure they have
Experience:
When you entrust your property to a company, you will want to make sure that they know what they are doing. Make sure you ask questions to identify the level of experience the company you plan on working with has. This might be the most important set of questions you could ask.
- How many years have you been managing properties?
- What type of formal training do you have?
- How many other units are you currently managing?
- How many properties that are similar to mine have you dealt with in the past?
- How have you handled evictions, disruptive tenants, and delinquent rent situations?
Communication:
When you hire a property management company, you want to make sure that you will be able to easily reach them and that your tenants can reach them as well. You do not want to be left in the dark to wonder if everything is being handled properly. These questions can help you determine how easily it will be to get in contact with the company and gauge the level of information you will receive.
- What are your office hours?
- What is your availability during off hours and weekends?
- How can you be reached in the event of an emergency?
- What type of communication can I expect?
Tools and Practical Considerations:
There are a lot of things that go into having a rental property that is well maintained, occupied, and making money. You will want to get a feel for how the company goes about making sure these things are done. Ask about how they specifically handle issues and likely scenarios.
- What factors do you use in determining the proper monthly rent?
- Who do you contract to handle repairs and maintenance? How long have you dealt with them?
- What type of records do you keep? Do you use software to handle these records?
- What types of legal services to you use to handle rent disputes and evictions?
To learn more about property management services through a certified and licensed management team, contact Katy Property Management at 281-398-9844. We provide low cost property management services and a variety of options. Call now and we will certainly help you find the services that you’ll benefit from most!