7 Questions To Ask While Interviewing A Property Management Company
Being a landlord is not an easy job! You are a singular person tasked with maintaining a property (maybe even several) at all times and creating a positive living environment for the tenant. One person dealing with the day-to-day issues while also juggling all of life’s other obligations. If being a landlord is still an appealing proposition, but you don’t want to deal with the daily hassle, looking into a property management service might be the ideal situation for you!
A property management service is a great way to have your cake and eat it too; a way to experience landlord life but in a much more limited and controlled manner. Just like any service, it is worth your time to do the research and ask the right questions when finding a property management company. The main goal of hiring this service is to help maximize the return on your property and deal with the day-to-day tasks that may become overwhelming.
Take a look at the following questions to ask a property management company before you sign the contract so that you understand all the services provided and have a good grasp on what the partnership entails.
What services do you offer to your clients?
First and foremost, ask the property management company about their current services. At Oak City Properties, we offer the following when it comes to a full-service property management team:
- Marketing the property
- Locating and presenting prospective tenants
- Collection of rental payment
- Assessing and collecting late payment fees
- 24/7 response to maintenance issues
- Handling of Security Deposits in qualified Trust Accounts
- Accounting and tax services for your property(s)
- Court appearances in the event of eviction
Understand that every property management company offers different services when it comes to their business, so don’t be afraid to ask for a detailed list of what they provide you as a landlord.
What do you charge for your services?
I think it is safe to say that money is always an issue, so make sure to ask the property management company what they charge for their services. Many property management companies charge a flat rate and market themselves as a “Full Service” business. Fees are often calculated based on the rental income, so it is essential to know your monthly bill for services rendered.
What is the experience of the team and each member? How will you help me be a better landlord?
When interviewing a property management company, make sure to ask about their experience. Inquire about the individual(s) tasked with taking care of your property and what their background is when dealing with daily tasks and any problems that may arise. Ask about how their experience and knowledge will help you to be a better landlord to your tenants. Questions like:
- Who is the person that I will be working with closely? What is their experience?
- How many years have they been working in the property management business?
- Years working for your company?
- How will your services make me a better landlord?
What types of properties do you usually manage?
It is best to know upfront what types of properties the management company usually services. You need to be sure that the company is an expert in your market and the best fit for you and your rental property. If you are renting your home, you might not want to go with a company that usually deals with commercial or multi-family buildings.
How many rental units do you currently manage?
This question will help you to better understand the size of the company and the level of expertise
When interviewing a property management company, you want to understand if they have enough time to dedicate to your home if issues arise or are they spread thin across too many rentals.
How do you market a property and screen potential renters?
Finding the right tenant for your property is crucial! With an excellent tenant comes fewer issues when dealing with rent payments, maintenance concerns, and the overall quality of your home. When you speak with the property management service, make sure to ask how they are going to market your home to find the right tenant and also how they plan to screen the candidates. Bottom line, you want to place the perfect person in your rental home with the proper credentials so that everyone is happy!
How do you handle concerns that may arise when renting my property?
It is important to know how the property management team is going to handle rent collection and interacts with your tenant. It is also crucial to understand how they are going to represent you as a landlord when a tenant issue comes into play. Ask a few questions about how they have dealt with late rent payments, unruly tenants, and other concerns that may arise when renting your home to a stranger.
The question here is- Does the property management service handle maintenance issues or do they subcontract/outsource the work being done on the rental? As a homeowner, you have the right to know how your rental property will be maintained. If the work is outsourced, does that company have experience and more importantly liability insurance? There is no question too silly or mundane to ask about the care of your home, so take the time to have a good understanding of the process used to deal with maintenance concerns.
Final question: Are you interested in a property management company?
If you live in the Raleigh area and are interested in a property management company, take a look at Oak City Properties! We provide services to help investors, homeowners, and landlords. Feel free to give us a call (919)-232-9222 or check out our property management options.
Also, if you found this blog post helpful, take a look at a few of our other blogs.