When you’re looking for a property management company, one of the most important things to talk about is their level of expertise and experience. You also want to know what designations they require from their managers and their staff. Today, we’re discussing what you should ask a potential management company, and how you should measure their services and fee structures.
Ask About Employee Turnover
When you’re discussing a management company’s staff, ask how long of a tenure their staff members typically have with the organization. In this industry, turnover can be an issue. You want to find a company with a good culture that supports employees. When employees are there a long time, it’s usually a sign of a successful and supportive company. Your property manager is your partner, and you don’t want a lot of partner turnover.
Ask About Management and Other Fees
When you’re talking to management companies, ask about their fees. In our market, we see management fees range from 8 to 10 percent of the monthly rent. But, that may not be the only fee. Ask about whether they charge to inspect the property. Do they charge a leasing commission, and are there any other marketing costs for advertising, web charges, and flyers? Find out how they are going to market your property.
Ask about Vacancy Rates and Pricing
You should also ask about the typical vacancy rate for their portfolio. How long will it take your home to rent? Find out how they will give you a professional estimate on what your home will rent for. Every day of vacancy is money out of your pocket. Make sure they feel a sense of urgency about renting it.
You also need to know what other types of support and services they provide. Ask if they have a 24/7 emergency maintenance line that is answered. This is important, especially if you want to travel and not be tied down to managing your own property.
Ask these questions when talking to different management companies. If you have any questions about finding the right property manager for you, please contact us at Invest West.
