If you own residential investment properties, then you know the amount of work it takes to keep everything running smoothly. Finding quality tenants, collecting rent, dealing with maintenance calls, and enforcing the lease are just a few of the responsibilities that consume time and energy. A property management company can take the burden off of the owner by handling the day-to-day responsibilities, but it is important to find the best one to ensure your investment is being handled effectively. This list of questions will help you find the best manager for your property.
- How many years have you been managing properties? You don’t want to pick someone who is just starting out. Lack of experience may cause more headaches than just managing the property yourself.
- How many properties do you currently manage? One person can manage 30-40 properties, not including accounting responsibilities. Ask how many employees they have and do the math to figure out if they can give your property the attention it needs.
- Do you have referrals from previous or former clients?
- How do you handle maintenance issues? At what point does the manager contact you? When the repair gets to a certain dollar amount? How do they keep you apprised of the situation?
- How often do you perform property reviews? Exterior and interior reviews should be scheduled regularly to ensure the unit is being cared for.
- How is rent paid and deposited to my account?
- What financial records do you provide? Are there monthly statements available, and if so, how are they accessed?
- How do you communicate with tenants and owners? Is there a 24-hour phone number tenants can call with problems? Some larger companies offer an online portal for tenants and owners to access their account information and contact the managing company.
- How much do you charge for your services? Some companies charge a flat fee, while others do a percentage of the rent. Make sure it’s comparable to other reputable companies. Remember you get what you pay for.
- Are you a member of NARPM? Members of the National Association of Rental Property Managers are the cream of the crop when it comes to professionalism, dependability, and knowledge of the local market.
A professional property management company will be able to answer all of these questions without any qualms or hesitation. From their answers, you’ll be able to tell whether they are the right fit for your investment. If you own income property in the Denver area, call Legacy Properties-PM @ 720.989.1996 or contact us and we will be happy to answer your questions about our property management services.