When you’re looking for professional residential management, there are some common questions you need to ask before you hire a property management company. It’s a good idea to read some reviews left by current and former clients, and then spend some time on the company’s website. Once you decide they might be a company you’d like to work with, schedule an interview.
We’re discussing some of the most important questions to ask when choosing a San Jose property manager.
Ask about Management and Leasing Fees
Most owners want to know the cost of property management services. Ask your prospective property manager about leasing fees, management fees, and any additional fees. You should be looking for a company that’s open and honest about the cost of doing business with them. Make sure they are able to explain the value that you’ll receive in exchange for those fees. Shopping around for the lowest price isn’t the best idea when it comes to the management of your important asset. Look for the best price for the service and value that are offered.
Discuss the Local Market and Coverage Areas
Where are most of the properties that the company manages? You will need a property manager who knows the local area well and can offer advice about the market, the amount of rent you should charge, and the types of tenants you’ll attract. You also need a professional who is geographically close and can get to your property quickly if there’s an emergency.
Ask for Help with Your Investment Goals
The main reason you’re talking to property management companies is probably to address the needs of your current rental homes. But, you may be interested in acquiring more investments. So, find a property manager who can help you make better investment decisions. Ask about where you should invest next, and what the market is doing. Find out which schools are the best and where people want to rent. A good property manager can provide this information.
Discuss Eviction Procedures
Find out if there’s a plan in place for evictions. The process can be complicated and expensive in California, so you need to know how they handle evictions. While you want a property manager who understands the eviction process, you don’t want one with a high eviction rate. That could indicate that they don’t have a great screening process.
Talk about Technology and Automation
Automated companies are usually more efficient companies. They use technology to make their systems fast, accurate, and consistent. Some questions you might ask include:
- Can their tenants pay rent on time through an online portal?
- Do you as the owner receive an ACH?
- When do you receive a statement?
- When do you receive money from the tenants?
What Makes Them Different?
You should always ask a property manager how they stand apart from other companies. Why should you choose them? You should ask how long they’ve been doing property management, and how long their employees tend to stay with the company. Make sure you know who you will be working with and who will be responsible for your property.
If you have any additional questions regarding the most common questions to ask a property management company, please contact us at Real Estate Connections. We’d be happy to tell you more.
