How to Screen a Property Management Company
When you’re searching for a property manager in Salt Lake City, it’s important to make sure you properly screen the company who will manage one of your largest investments. As with anything, not all property managers are created equal. By asking the right questions, you’ll ensure that you’re treated fairly throughout the entire process. At Real Property Management, we believe in being as transparent as possible with our clients. Below, you’ll find a list of various questions that you need to ask during the screening process of your potential property management company. The answers to these questions will help you separate the best property management companies in Salt Lake City and the mediocre.
- Hidden Fees
Unfortunately, some companies fail to mention every fee associated with managing your property. Here are a few services they may charge you:
- A setup fee
- Property photos
- Tenant screening
- to show the property to tenants
- A leasing or placement fee
- Tenant turn-over
- Property maintenance
- A maintenance trip charge
- Property inspection
- Lease renewal
- A percent of the late fees collected
- An annual fee to renew my contract
- Notices served to the tenants
- Marked up parts or supplies for work done on my property?
- Management fee while the property is vacant
Working with a property manager with adequate experience will improve your chances of success. Before signing on the dotted line, make sure they have a proven track record of successfully managing properties. Here are a few questions you can ask to gauge their level of experience.
- How long have you been in business?
- How many rental properties do you manage?
- Where are most of your properties located?
- Do you have any awards/certifications?
- What type of associations are you involved in?
- Placing Tenants
Protecting your investment begins with finding a quality tenant though a proper screening process. Your property manager should have systems in place in order to save you time and money. Here’s what to ask to make sure that they’ll find and place quality tenants.
- How do you determine rent prices?
A credible property management company should pin point optimal rental prices across different locations.
- Do you offer a free Market analysis?
A market analysis will help determine how much your rental property is worth in today’s real estate market. By offering a free analysis, your rental property will help you reach your financial and real estate goals.
- Do you have a dedicated leasing agent in your office to fill vacant properties and complete showings?
A leasing agent will make it easier to fill the needs of the landlord, your property, and tenant.
- Where do you advertise my vacant property?
Advertising your property on sites like realtor.com will help fill your vacant property quicker. Don’t forget to ask if they have hidden advertising fees.
- Do you offer flexible leasing terms for tenants?
As a landlord, you’re in charge of choosing leasing terms. Your management company should give you complete control in regards to these terms.
- Do you require tenants to carry renters insurance?
Requiring tenants to carry renters insurance can reduce your property liability.
- Property Inspections
Inspecting your property on a regular basis is a critical step in caring for your property. Make sure your rental property manager checks in on your rental property at least 4 times a year. Besides asking how often they perform interior evaluations, ask if they will send pictures and a detailed report. As a landlord, you deserve to know how your property manager is being cared for.
Every property manager provides different property maintenance. Here’s what you need to ask to fully understand how they handle maintenance services.
- Do you provide a 24-hour emergency maintenance service?
- Am I notified prior to all maintenance?
- Do you provide any maintenance or vendor discounts?
- Do you markup materials purchased for maintenance and repairs?
- Do you require me to pay you a minimum maintenance reserve for you to hold?
Trust in Real Property Management Salt Lake City
If you’re in the process of screening property management companies in Salt Lake City, contact Real Property Management today. Our goal is to provide you with time, freedom, and experience. We pride ourselves on trust, communication, teamwork, and dependability. Visit our education center, and video library for more tools and resources to help you accomplish your rental property goals!
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