How To Interview A Property Management Company.
Why would you need to know how to interview a property management company? Maybe you have to move unexpectedly, or you want to make some extra money out of your home by renting it? Well, the first thing you will need to decide is if you want to manage the property by yourself, or hire a property management company
to take care of it for you. If you are new to property management, you might be wondering what a property manager even does.
They are going to take care of all of the hassles of your rental property. From finding renters, to collecting rent and dealing with evictions. Many home owners feel the cost of a property manager is well worth it. So, let’s say you decide you want to hire a property manager, where do you start?
Well, one of the first things you will want to do is look around in your City and find some potential property managers. Once you have a few to choose from, you will want to have a list of questions that you are going to ask them to find not only the best deal, but also the best service. Keep in mind, cheaper is not always better. Sometimes you get what you pay for, and when it comes to something as valuable as your home, you want to ensure reliable service. Here are a few of the more important questions to ask when interviewing a property management company..
Ask about how many vacancies they have: Ask companies how many properties they currently have vacant. If they don't know, they may be unorganized, or they may just have too many properties to handle and account for.
You want to hire a company that is aware of empty properties and working hard to fill these vacancies. Ask about maintenance/repairs: Ask companies if there is a charge for arranging maintenance services. Most companies charge up to 10% on top of repair costs just to call a repair man. Some will not charge for this service, or may charge less than 10%. Find a value that you believe is fair for the time/effort the company is putting in.
Ask about any upfront fees: A "lease-up-fee" is an upfront fee for finding a renter. Ask what they charge for this. Many will charge a few hundred dollars or as much as a whole month’s rent. Check online testimonials: Many property management companies are known for being unresponsive and lackadaisical.
Check out online reviews to get a good idea of a company’s track record and service level. Unhappy renters and owners is a sign of unresponsive service.
These are just a few questions, but they are some of the most important ones to consider when interviewing a property management company. Our guest author for this article is Landon Murie.
Landon owns and operates a property management
company in Orem, UT that helps Landlords with their rental properties.