subject: Things To Know Before Hiring A Property Management Company [print this page] As a real estate investor, you may have other things to attend to aside from your rental property business. And this might be the reason why you run out of time managing your properties efficiently. If you are trapped in this kind of dilemma, the smart thing to do is seek for the assistance of a professional rental property management company to ensure that all the needs of your rental business is taken care of by the right people. But before you sign any property management contract, ask them first some of these vital queries so you can be sure that they are indeed fit to manage your business.
Before you look for the right rental property management company, you must identify first the scope of service that they will offer to you. The service of these types of company often includes regular supervision and maintenance of your rental units, on time collection of monthly fees and they can also help you hire insect exterminators in case bugs and other pests dwell in your rental home.
The first question that you may ask is the amount they charge for their service. Inquire if they charge monthly. If yes, then expect that your monthly rental revenue will be deducted with certain percentage, depending on the asking price of the company. Typically, it ranges from five to twenty percent. Moreover, ask them about the variety of services that they will be rendering from the payment you will give them.
The second vital question that you need to ask them is "Who will be the one in charge with the repairs and maintenance?" Sometimes the job of maintaining a property is a lot easier and practical than doing the repairs. Hence, ask the property management company about their maintenance plan because if they just repair things that would be costly to both of you. Make sure that their personnel will dispose the garbage, cut the grass at the yards and repair broken floor, sink, and toilet tiles. Inform the company that no additional expenses for maintenance and repair will be performed without your consent to evade costly services.
The last question is for the renters to ask the rental property manager about the whole issues concerning tenancy, maintenance and repairs. Renters should be informed of the process of eviction so they will not be shocked at the time they receive a letter of eviction. Tell your renters to ask the property manager how they handle eviction. While property managers have no direct power on the eviction process because the agreements only identify landlords as the one to make a decision on this matter, managers are still responsible of notifying you about it so do not hesitate to ask them. In such cases, you need to know who you should appeal to for the matters of complaints or issues that arise due to the eviction.
Asking these necessary questions is indispensable to your home rental experience and managing your finances so try to ask the given questions above.
