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As a real estate investor, engaging a property management company to care for your investment is a big decision. You are entrusting them to find good tenants, protect your property, and replace tenants who move out to grow your investment. When done well, working with a trusted property manager can alleviate a lot of responsibilities and stress associated with property ownership. So, how do you know that the agency you are engaging will do a good job? That’s where 3 Options Realty comes in to help you make informed decisions. Here are 5 questions we recommend you ask before hiring a property manager to ensure you find the right fit.
Before delegating your responsibilities to a property management company, make sure they have a manageable portfolio. You want them to look after your property like it is their own. However, a high workload can allow things to slip through the cracks, compromising the bottom line. A property manager who is spread too thin will not give your property the attention it deserves, causing minor issues to escalate into major problems later. Property managers should have enough capacity to address issues as they arise.
Different property management companies have their fees, making it tricky to figure out which agency will give you the best value. When comparing the rates for different property managers, check for additional costs. Typically, property management companies charge between 7% and 12%. However, lower management fees don’t always mean lower overall costs. Some companies charge higher fees for things like advertising, maintenance, and placement fees. Additionally, a larger agency may have higher fees due to extensive skills, knowledge, and experience. Find a balance between value and fees, as the best property manager might not be the cheapest.
Sometimes, tenants fall behind on their rent. With this in mind, knowing your property management company has systems for dealing with these situations gives you peace of mind. First, inquire what percentage of their properties are in arrears. Anything less than 2% of their portfolio indicates their record-keeping is impeccable. In addition, ask about their process for dealing with rent arrears and the steps they take to resolve the problem. By ensuring the property management company can effectively deal with rent arrears, you can rest assured that your investment is in safe hands.
Find out if the property manager handles all the tasks or which ones are outsourced. Property managers often outsource things like maintenance, as they require expertise to address specific problems. If a property manager outsources inspections, it can lead to delays in addressing problems. However, a company that handles inspections knows exactly what to look for and how to effectively resolve issues.
A common challenge for landlords is setting rental rates. A reputable property management company will aim to minimize vacancy durations while maximizing long-term financial returns. Research to get an idea of the rates in your area, especially for similar properties. While some property managers may claim to get a high rent amount, it can increase vacancies, compromising your return on investment (ROI).
Now that you know the five questions to ask before hiring a property manager, you can find the right person for the job. While there are many service providers on the market, asking the right questions can help you narrow down a reputable property management company. Contact us at 3 Options Realty to enjoy quality property management services and grow your investment.
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