What to Ask When Hiring a Property Management Company
Managing a property can be intimidating, especially for those new to real estate. Whether running a rental property, a vacation home, or an investment property, many tasks and responsibilities come with being a landlord.
From marketing the property to dealing with tenants to maintaining and repairing, there’s a lot to consider when handling the property. Luckily, you can rely on property management companies to help you with the job.
What Is a Property Management Company?
A property management company aids clients in finding and vetting tenants through background checks, credit checks, and other screenings. They can also handle the day-to-day tasks of managing a property, such as collecting rent, responding to tenant requests and complaints, and overseeing maintenance and repairs.
Aside from that, these management companies can deal with the legal aspects of being a landlord, including drafting leases, handling evictions, and ensuring compliance with local, state, and federal regulations. They can even help with marketing your property to attract tenants.
Questions to Ask Before Employing a Property Management Company
Of course, like any consumer availing of services, you must do your due diligence before hiring a property management company. Here are some questions you should ask to get a better understanding of their services:
How Do You Handle Tenant Screenings and Tenant Relations?
Your tenants are key to the success of your property, so you must know how this company will handle tenant screenings, relations, and any issues that may arise. For instance, do they use background checks to ensure tenants meet your criteria? What advice do they provide during these legal matters? Their response to this question should give you an idea of how they manage tenants and their property.
Do You Offer Maintenance Services?
If you cannot manage the maintenance and repairs of your property, you should inquire about the services the company provides. This can include landscaping, plumbing, electrical, and general repairs. Ask if they have any in-house staff or if they outsource any of these services.
How Do You Handle Rent Collection?
Rent collection is a crucial part of property management, so it is vital to know how this company handles it. Remember, you must determine what methods they use to collect rent.
Do they offer a rent payment portal for tenants? How often do they follow up with tenants who are delinquent in their rent payments? Knowing their approach to rent collection will help you understand how they will manage this important aspect of your property.
What Are Your Fees and Policies?
Ask the property management company about their fees and policies. What do they charge for their services? Are there additional fees for unexpected occurrences, such as maintenance or repairs? Knowing the fees upfront will help you understand the cost of their services and ensure you are not surprised by hidden costs.
What Is Your Policy for Handling Tenant Evictions?
Tenant evictions happen for various reasons, and some companies have specific policies to handle them. Ask them about their policy for tenant evictions and what steps they take to ensure they do it promptly and legally.
When selecting a property management company, it is important to ask the right questions. Asking questions about their services, experience, fees, and customer service policies will ensure that you find the right company for your needs.
Quest Real Estate is a reliable property management company in Jacksonville, FL, that can help you with your property management needs. With years of experience in the industry, we have the knowledge and expertise to handle any property-related issue. Contact us today to learn more about our services!