To become a hassle-free landlord, you need the help of a good property management company. However, finding a good property management company is not easy. According to Mark Roemer Oakland, conducting an interview and asking the correct questions is necessary to find a good property management company.
Here are a few important questions that you should ask a property management company during the first meeting:
1. Ask them about their experience in the industry – A good property management company must have a proven track record. Resist the urge to hire an inexperienced player because the illusion of affordability can cost you even more. This lets you confirm that you are hiring a true professional who is both reliable, efficient, and allows you to learn whether they have any previous history of unethical practices.
2. Ask them about the services they offer – The services offered by different property managers can vary greatly. So, it is a good idea to ask them about their full suite of services to make sure they can offer what you want. Good property managers not only help you to manage, market, lease, and sell your property but also conduct inspections, provide top-notch maintenance, and administer in-depth background checks.
3. Ask them about additional fees in addition to how much they charge – Property managers usually charge a fixed fee per month or an amount based on a percentage value of the total monthly revenue. Plus, most offer suitable optional packages that you can choose according to your needs.
You should also ask them if they charge anything if there are no tenants and if so, how much. Additionally, make sure to inquire about miscellaneous fees such as tenant finder fees, court cases, emergency call outs, evictions, viewings, maintenance mark-ups, etc.
4. Ask them how they differ from the local competition – Asking them about their competition can motivate them to put in their best efforts to convince you. If they act professionally, maintain their calm, present you with glowing reviews, and exclusive deals, chances are that you would get to work with a great property management company.
Of course, you should do prior research to understand whether the deals they are offering are in fact good and not something that is offered by every local company.
5. Ask them how they screen tenants – A good property management company will take into account previous landlord references, employment information, credit checks, and various other factors while screening tenants. Finding and vetting potential tenants that have a good background, and those that will fulfill some of your personal criteria may be difficult for you, alone.
Mark Roemer Oakland suggests that you ask your property manager how they collect rent and how it is calculated. These are crucial information that you need to know because anything that deviates too much from the local trend can make your property unattractive. Additionally, ask them about the level of control you would have over the tenancy contracts to take care of the legal side of things.