How to make the most of your property management company
As a property owner, you want to
sparks property management getting the most out of your property management company. Here are six tips to help you get the most out of your property management company:
1. Clearly Define Your Expectations
The first step is to sit down with your property management company and clearly define your expectations. This will help ensure that both you and your property management company are on the same page from the start.
2. Ask for Regular Updates
Make sure to ask your property manager for regular updates on your property. This will help you stay up-to-date on what is happening with your property and allow you to make any necessary changes.
3. Communicate Regularly
Communication is key when it comes to property management. Make sure to communicate regularly with your property manager to ensure that everything is running smoothly.
4. Be Involved
While you may not be able to be on-site all the time, it is important to be involved in the management of your property. This includes staying up-to-date on maintenance and repair needs, as well as being available to answer any questions your tenants may have.
5. Review Your Contract
Regularly review your contract with your property management company. This will help you make sure that you are getting what you expect from your property management company.
6. Get References
When you are looking for a property management company, be sure to get references. This will help you ensure that you are working with a reputable company that will do a good job managing your property.
The top questions to ask a property management company
When you're looking for a property management company to help you with your rental property, there are a few key questions you should ask to make sure you're getting the best possible service. Here are the top seven questions to ask a property management company before you sign a contract:
1. What services do you offer?
Make sure the property management company you're considering offers the services you need. Some companies may only offer basic services like rent collection and maintenance scheduling, while others may offer a full suite of services including marketing, tenant screening, and evictions.
2. What are your fees?
Be sure to ask about all of the fees that the company charges, including management fees, lease renewal fees, and late payment fees. You'll also want to ask about any other charges that may be associated with using their services, such as set-up fees or marketing fees.
3. What is your experience?
It's important to choose a property management company with experience in managing properties like yours. Ask about the number of properties they manage, the types of properties they manage, and how long they've been in business.
4. What is your tenant screening process?
You'll want to know how the company screens tenants to ensure you're getting quality renters for your property. Ask about their credit and background check procedures, as well as their policies for dealing with problem tenants.
5. What is your policy on repairs and maintenance?
Find out how the company handles repairs and maintenance requests from tenants. Ask about their procedures for dealing with emergencies, as well as their policies for preventive maintenance.
6. How do you handle rent collection?
Find out how the company collects rent from tenants. Some companies may require tenants to pay rent online, while others may use a traditional paper check system. Be sure to ask about late payment fees and policies, as well as the company's procedures for dealing with bounced checks.
7. What is your policy on evictions?
If you have a problem tenant, you'll want to know how the company
home handles evictions. Be sure to ask about their procedures for serving notice and filing for eviction.
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