So you’ve made the decision to use a property manager—fantastic! But before you hire the first company that pulled on your Google results page, be sure to do your homework; a poor property manager is almost as bad as having a lousy tenant. Before you sign any contracts, be sure you ask any potentials these 4 important questions:
- Are you licensed to work in the state my property is owned?
Most states require at least a real estate broker’s license or a property management license. Just as you would not allow someone to paint your house without being bonded and insured, be sure the property manager you hire is legitimate. When in doubt—ask for references and do a little digging; it will be worth your time.
2. What is included in the contract and what happens if I decide to terminate early?
If there’s one area you don’t want any surprises in, it’s here. Be sure you are aware of any and all fees your management company will charge (including fees for filling unexpected vacancies). And be sure that your contract includes a cancellation clause if they are not holding up their end of the bargain.
3. What experience do you have with evicting tenants?
If this number is low (or zero), then you may want to choose a company that is experienced in handling eviction efficiently and promptly. On the other hand, if the number is very high, it suggests that the company does not have a efficient process for pre-screening tenants.
4. What is your maintenance response time?
The last thing you want is for tenants to withhold paying rent because they can’t use the washer and dryer. Ask the property manager the name of the maintenance company they use and their average response time, as well as backup plans in case of emergencies.
When it comes to choosing a property manager, experience is a necessity. Triton Property Management group has a combined total of 30 years experience in real estate, property management, and renovations. Call us today and we’ll prove to you why we stand out from the competition.