When you’re ready to hire a property management agent, take the time to interview several candidates. This is a crucial step that can make or break your relationship with the agency. You should consider asking the following questions:
Typically, property managers specialize in a specific type of rental property, such as single-family homes, duplexes or apartment complexes. They also have a strong understanding of local landlord-tenant laws, property valuations and the best ways to market your rental. Avoid real-estate agents who offer property management on the side; they may not have the experience or expertise to help you succeed.
What types of fees do you charge?
Property managers typically charge a monthly fee that covers their management services. They may also charge a leasing fee to cover the costs of marketing vacant units and processing applications and screening tenants. They may also have an eviction fee to cover the cost of pursuing rent collection or legal action against a tenant who breaks the terms of a lease agreement.
Ask if they have relationships with local vendors and contractors to expedite maintenance requests. A property manager should be able to find reliable contractors, negotiate prices and quickly fill vacancies with quality tenants.
Property managers analyze market data to determine the optimal rent rate that will generate a profit while keeping your unit competitive. It’s a complicated balancing act that requires extensive local knowledge, access to property values and data on recent comparable properties in the area. property management agents