Finding the perfect property management company can often be more of a challenge than you might think. Of course, you probably only need to deal with one company, but as there are certainly several options in your area, it can make it difficult.
One way to find out which company would be a good fit for your property situation is to make a point of asking the right questions. If you’re meeting with a representative at a property management company, have this list of good questions ready to ask them; you may be able to think of some more yourself.
What type of properties has your company previously managed?
As with just about any company you deal with, they must have some experience in the field, although, in the property management business, that’s about more than just how many years they have been in operation. You also want some idea of the types of properties they have managed. The company may have experience managing various property types, or they may have experience of your specific property type.
Screening potential tenants – how does your company do that?
The level of servicing a property often goes hand in hand with screening new tenants. As any property owner knows, screening is one of the most important aspects of efficient property management. Ask the company about their screening process, how they find tenants that are a good match, and what checks they have to make sure their screening process works.
What is your procedure for handling tenants’ late payments?
Managing tenants is just as important as finding the right tenants, to begin with. Unfortunately, tenants are sometimes late with their rent, and you must know just how the property management company will handle this issue when it arises. You know how you want your property to be managed and how you would address the problem of a tenant’s late payment; make sure their approach is similar to yours.
How do you handle complaints?
Handling the relationship between the tenant and the landlord is an important part of good property management. The answer to this question will give you an idea of how a property management company sees it. You want to be comfortable with their approach to handling complaints, as they will be acting as a mediator between your tenant and you in the event of a dispute or complaint.
How often are inspections carried out?
As a property owner and landlord, you’ll enjoy more peace of mind if several routine inspections take place every year, and inspections are a vital part of your tenancy agreement. And, of course, you want to ensure that your property is being taken care of; asking this question will give you an idea of how well your property will be looked after once the tenant has moved in.
How much should I be charging for my rental property?
A good property manager knows the local market and has an accurate idea of what you should be charging. Of course, you probably want to know what your property is worth in today’s market, and asking this question should give you an idea. To better understand your property’s value in the local market, consider asking that same question of different property management companies and then comparing answers.
Do you have suggestions on how my property listing can be improved?
You can potentially get some valuable tips on how to position your property in the local market and get a feel for the expertise of the property management company by asking this question. The appropriate advice can help you see where your property fits in the local market and maximize your revenue.
What are all your fees and costs if I use your company?
Be careful of various hidden charges you are expected to pay once a low sign-up fee has attracted you. All service charges, management fees, and other charges should be included in the service and clearly explained at the outset. It can be confusing and stressful if you deal with a complicated structure of fees.
Why should I choose your company?
Many property owners try to sell their services to you and claim they are better than the other companies. That may be, but always listen carefully, take notes and ask questions to make sure they are the right property management company in Mesa.
It can be easy to choose the right property management company and sort through the different options. A little research and being prepared with the right questions to ask can eliminate much of the stress and can also save you money over the long run.