Hiring a Property Management Company - Questions You NEED to Ask

Questions You NEED to ask Before Hiring a Property Management Company

If you are considering hiring a property management company, then you’re probably aware that not just anyone is cut out to be a property manager.

It takes someone with knowledge, experience, and drive. Successful property managers should possess certain traits that help them stand out from the rest.

Important Qualities

One of the most important qualities is that they should be a good communicator. The last thing you want is someone that doesn’t keep you in the loop on your home. The manager needs to be cordial, but also firm. They should organized, detail oriented, truthful, calm, and passionate about what they do.

It might be a challenge to find a property manager with all of these great qualities, but they are definitely out there. It might take some trial and error, but it starts with asking the right questions.

That’s why we at The Realty Medics always encourage customers and potential customers to ask any questions they might have. We will always be upfront with you and completely honest. As a matter of fact, we strongly encourage you to ask us any of the questions below, along with anything else on your mind!

What to Ask

Finding the right property managers starts with asking the right questions. Here are some important questions that you can start with to help in your search.

1. How long has your company been in business?

This is a great place to start. This will help you get a feel for the company’s level of experience. Like in most situations, the longer a company has been in business, the more experience and expertise they’ll typically have.

A company that has been in the business for a year is a lot less desirable than a company that has been around for 10 years. The general rule of thumb is to start with companies that have been in business for at least three years. At this point, they should have worked out all the kinks and should know exactly what they are doing at this point.

2. What are the various services that you offer to your clients?

This is a good follow up question to the above. A company with a lot of experience will know that property management is more than just collecting a check each month after a tenant is found for the property.

The company should be able to market, lease, manage, and sell your property with no issues or hold-ups. You will also want to make sure that the company contracts professional and trustworthy maintenance team, know how to conduct proper inspections, and be able to provide you with extensive background checks.

3. What are the management fees and/or pricing options when the property is being rented?

This question will let you know what your average monthly fee will be, if you have one. Some companies go with the flat rate offer, and others will go off of the rent amount. Other companies may offer three different levels of pricing. These include: a lease only plan, a standard plan, and a premium plan.

However, the best option is usually going with the plan that goes off the percentage of collected rents. This will ensure that your property manager is motivated to fill the vacancies because they won’t get paid unless there are tenants renting the properties.

This will also encourage them to push for higher rental rates because this will help their bottom line as well. Keep in mind that companies that offer a flat fee will be getting paid the same amount no matter what. Would this really motivate them to get you the highest rent?

4. Under which conditions can I cancel my contract?

You obviously never want to get into a contract that you can’t get out of. There are some property management companies out that they will try to lock you into a contract because of how much it benefits them.

However, as mentioned above, there are also companies that want to actually keep your business while still providing you great contract terms. If the company you are speaking to only provides contracts that are inescapable, move on to the next. There are plenty of companies out there that care about you and your success.

5. Are there any other miscellaneous fees that you will charge for managing my property?

Hidden fees are no joke. Some companies you come across may try to get you to sign a contract promising a low rate. However, if it sounds too good to be true, it most likely is. Once they get you to sign, the payment you have in your mind is bound to increase with various additional fees.

Don’t forget that the property management company has to make money, too. So if they low monthly fee doesn’t make them enough, they will find a way to make it more beneficial for them.

Deciding which property management company to go with can be a daunting task, but it doesn’t have to be. Now that you know of some key traits to look for, and know which questions to ask, it may make your section process a bit easier.

Keep in mind that the company you go with should have your best interest in mind. They will be working for you. If you’d like to learn more about the kinds of services that we offer, we welcome you to learn more about why we’re Central Florida’s highest rated property manager on Google & Yelp Reviews. You can also give us a call at (321) 236-6690 if you’d like to speak with someone today about property management for your property. We are here to help and to earn your partnership!

 

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