If you find that you must rent your home for an extended period you’ll probably want to secure a property management company. Being a landlord means having to educate yourself on much more than just collecting rent. We’ve talked before about why hiring a management company just makes sense for homeowners so now let’s go over how to hire the management company that’s best for your needs.
Asking these questions will help you find an appropriate management company:
- How much do they charge? Cheapest doesn’t necessarily mean the best value so ask and compare price vs. services.
- Do they have experience working with single-family homeowners? The last thing you want is to be ignored by a management company who would rather focus on their multi-unit properties or clients with more than one property.
- Ask for references and particularly for references for the same sort of property you have. Talking with a multi-unit landlord isn’t the same as a homeowner or single property landlord. Ask each reference if they would use the same company again.
- How will they advertise your property? Look for a manager who knows the kind of tenant you’re looking for and where to find them. Using multiple channels will get the type of tenant you’re looking for.
- When will they be available to show my property? Make certain they will only show your property personally and won’t just hand a key over to a stranger. If a prospective company is overworked or understaffed you may lose a tenant if no one is available to show your property.
- How many people do they employ? Will there be coverage if the primary repairman or account manager is on vacation, sick or otherwise involved?
- Who will do maintenance and repairs? If they relegate maintenance to a third party or only do repairs during business hours chances are your maintenance or repair work won’t be done in a timely fashion. Ask if they provide receipts for any third party repair or maintenance.
- Will they do yard work and maintenance and how much do they bill for it? Does this cover any landscaping or mowing? If you have a high-end property that will appeal to a specific rental population they may not want to handle the yard work so make sure your property management company will do it and do it right.
- Does the company provide monthly or quarterly statements? You will need statements for tax purposes plus any company that knows you expect statements will be more diligent in other areas as well.
- How does the company handle bad tenants or evictions? Do they charge an extra fee and do they know the legal procedures?
- Most companies request a reserve against any major costs or major repairs or accidents. Get a detailed report on all matters the reserve may be used for.
- Get a lesson on insurance and how they will handle it. Adding your management company to your insurance policy is the best way to protect yourself. Be wary if they don’t want you to do this.
Don’t forget to ask how many properties they manage, what specific areas they focus on and how long they have been in the business. This should be a good start to get you going. Of course you can also call National Property Management Group Miami (Rent KC Management Group) and let us fill you in on all the reasons that we’re your best choice to manage your property. We specialize in homeowners who need to rent their homes long or short-term and we’ll take on the challenges most home owners just don’t have time for. So let us manage your property and you can enjoy your life!