There are many good reasons to hire a property management company. For one, it frees up your time and energy to focus on other value-add areas in your life, be that for personal or professional endeavors. It also can ensure that your tenants receive a high level of service from a dedicated professional.
If you’re looking to outsource the property management responsibilities of your rental units, then you should be sure to select a business whose services and philosophy align with your needs and goals. Start by asking them these important questions.
Questions to Ask a Property Management Company
- What range of services do you offer property owners?
If you’re just looking for someone to handle the leasing aspect for you, then you may not need a full-service property management company. But if you want someone to manage tenant relations (and complaints), property maintenance and repairs, the leasing process, as well as all other aspects of managing a rental unit, then it’s important to know upfront what is included in a given company’s range of services (and their associated costs).
- How many rental properties do you manage?
You’ll want an experienced company with a strong reputation, but also one who will have the capacity to serve your needs as well. If they have too many units without adequate staff and processes in place to manage at scale, then you could get lost in the shuffle – and your residents may suffer from an inferior service experience.
- How do you determine rent prices for your rental units?
Understanding how they determine rent and fees gives you a glimpse into their management philosophy as well as how well they know the market. For a look into several factors that can affect rental rates of a given market, be sure to read this post.
- How do you source and screen tenants?
Ensuring that good tenants reside in your rental units saves you money and headaches. You’ll want a property management company who has a fair and thorough process for sourcing and screening quality tenants. It’s also important that they are well versed on all local and federal Fair Housing Rules and Regulations.
- What’s your average occupancy length for renters?
You’re looking for low vacancy rates and long occupancy averages in the units a particular company manages. It’s one way to assess how well they are meeting the residents’ needs, and, when a unit does need to be turned over, they do so quickly.
In addition to these questions, consider your needs and if there is anything unique about the particular properties you own. The property management company you ultimately select will have a big impact on the kind of return your investment will bring, so it pays to take your time and ensure your questions get answered.
At RL Property Management, we offer full-service property management services for single family and multifamily investors. With us, your tenants can expect exceptional service and owners can expect a high level of return. To ask your questions, please give us a call at 614-725-3059.