Landlords have many responsibilities. A concern some may have is the inability to keep up with them.
To help, you can choose to hire a professional to manage your property on your behalf. A professional property management company can help you manage your tenants and maximize your rental income.
What can a property management company really help you with?
An experienced company can help you market your Emerald Coast property, screen tenants, collect rent, and handle tenant issues.
If you make the decision to hire one, ensure to interview them. It’ll increase your likelihood of landing the right company that has your best interests at heart.
Here are 9 best questions to ask a property manager before hiring them:
1. Are you licensed to provide property management services?
Find out whether the property management company has all the necessary licenses to offer management services.
Be aware that there are management companies that lack relevant state licenses and certifications. Important property management certifications include:
- Accredited Management Organization (AMO)
- Certified Residential Management Company (CRMC)
- Certified Property Manager (CPM)
- Real Estate Broker’s License or Property Manager’s License
2. What services does your property management company offer to clients?
Property management companies usually offer different services. Make sure that the company you hire offers the specific services you are looking for.
A good property management company should be able to help you find a good tenant, conduct property inspections, conduct maintenance and repairs, and evict a tenant for you.
3. How long have you been in the property management business for?
You want to hire a property management company that is experienced.
Ideally, look for a company that has been in the property management business for at least 5 years.
4. How many rental properties do you currently manage?
You should look at the size and expertise of the property management company. Aim for a company that isn’t too big nor too small.
Generally speaking, look for a property manager that manages a minimum of 200 rental units and a maximum of 600 units.
5. Which rental property type do you manage?
Hire a company that’s within your niche. This is because there are many types of rental properties.
For example, not every manager is skilled and experienced in managing single-family rentals. Some only manage commercial or multi-family buildings.
6. Do you have any references?
A good property management company should be more than willing to provide you some references. References could include current property owners that have their property managed by them or previous clients.
Ask them to describe their experience working with the company.
7. How do you market your rental properties?
A rental marketing strategy is very important for your business. As such, you want to hire someone who can create the right marketing strategy for your type of property.
If the property management company is only using “For Rent” signs, move on. You want to hire a company that uses a variety of advertising channels.
8. How do you screen prospective tenants?
Selecting the right tenants is key to the success of your business. Ask the property management company how they screen prospective tenants.
Do they simply look at their income?
Generally, good property managers include a background check, credit check, and employment and eviction checks.
9. What are your property management fees?
For most real estate investors, this is arguably one of the most important parts of an interview. The fee charged by management companies is usually dependent on the services offered.
Most charge a percentage of the monthly rental income. Some companies may also charge you a flat fee.
Choosing the right person is very important. These 9 questions to ask property managers will help you in making your decision for your Emerald Coast property.