So you’ve decided that being a full service landlord isn’t the dream you’d thought it would be and have decided to hire a property management firm. How do you do it? Finding a good property manager is just as critical as finding a good tenant, sometimes even more critical. What are the criteria that matter? How do they work? If you’ve never searched for a management company let National Property Management Group give you some good tips.
- How much do they charge? Cheapest doesn’t necessarily mean the best value so ask and compare price vs services.
- Do they have a dedicated property management department? Make sure the actual management doesn’t take a backseat to sales or rentals. Even better, make sure they have more than one person in charge. A manager’s vacation may mean you’re up to bat when they’re away.
- 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 home-owner or single property landlord.
- When will they be available to show your property? If they’re overworked or understaffed you may lose a tenant if no one is available to show your property.
- How do they screen prospective tenants? Will they perform a background and credit check and will that charge be passed along to you? Are they aware of legal parameters of screening?
- How will they advertise your property? Sticking a sign in the yard may be all a manager will do for you. Look for a manager who knows the kind of tenant you’re looking for and where to find them.
- Who will do maintenance and repairs? See tip #2: 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.
- 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 evictions? Do they charge an extra fee and do they know the legal procedures?
- Most companies request a reserve against any major costs or repairs or accidents. Get a detailed report on all matters the reserve may be used for.
Don’t forget to ask how many properties they manage, how many managers work at the company, what specific areas they focus on, how long they have been in the business, and other questions about their experience. This should be a good start to get you going. Of course you can also call National Property Management Group (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 home-owners 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!