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Due to the many challenges associated with rental property ownership, many landlords prefer to hire a professional property manager to look after their investments. But bearing in mind that there are thousands of managers available in the market, how do you determine who the perfect agent for you is?

The answer lies in asking the potential hires the right questions. Here are some of the top questions you need to ask when hiring a property management company.

Who will look after my property?

When you approach a Property management company, in most cases you will first meet a representative or business development manager. While these officials facilitate the initial discussions, they might not be the ones who will eventually handle your investment.

It is prudent to confirm who will be looking after your asset. You then need to meet with him or her and learn more about the person. Find out how long the individual has been with the agency, as well as whether the property manager has experience in handling your type of premises.

How many properties do you manage?

You need to find out from the agent the number of rental properties that he or she handles. Obviously, a manager who has many assets in their portfolio is attractive since it shows that many landlords trust and prefer working with them. However, do not hand over your property to someone who has too much on their plate. Instead, go for a firm that has enough property managers to handle the many properties in its portfolio.

How do you advertise vacancies and attract tenants?

Since you will be handing over your investment to a property management company, you must find out how they will go about promoting the asset to locate renters. What type of vacancy marketing strategy do they use? Do they use multiple advertising platforms, and just how effective are they?

You also need to determine whether the agent will give the keys to prospective renters to view the property by themselves, or whether the manager will be physically present during the viewing?

How do you screen tenants?

The type of renters you have on your property determines to a large extent the kind of real estate experience you get. It’s critical that you find out how the management firm qualifies its tenants. It should have fool-proof and thorough tenant vetting strategies that guarantee only deserving candidates get into your property.

While each manager might have their unique way of qualifying applicants, their methods should at least address the prospective tenant’s credit worthiness, employment status, criminal records, and rental history.

How do you collect the rent?

As an investor, naturally your concern will be the rental income. Determine how the management firm intends to collect it and submit it to you. Are they using safe, practical and secure methods? After they collect the rent, how long does it take before it reflects in your bank account? How will they ensure the renters pay promptly? How do they handle cases of delayed, bounced, or deferred payments?

How do you charge your fees?

All property management companies are in business, and they hope to make their money from their customers. Find out what expenses you will incur as a result of engaging the property management company. Most firms will demand Management, Letting, and Administration fees. While others, in addition to the above, will retain the fees on late payments, lease break fees, and even the dishonored checks NSF fees.

Before you hire the agent, verify their total costs and make sure their charges are justifiable and acceptable to you.

What happens when the property needs maintenance?

As long as people are using the asset, it will require repairs from time to time. Find out from the management company how they handle property repairs and maintenance.

Do they have a list of qualified contractors who can attend to emergency situations? How does the agent qualify the contractors? Does the management company have a financial limit on how much a contractor can charge? Who meets the costs for the said repairs and maintenance services? Will the management company pay the property bills and then invoice you, or will they deduct from your account and inform you of it later? These are all important questions that you should be informed about before hiring a property management company.

How often do you conduct inspections?

You must find out from the management company whether or not they carry out property inspections, and how often they do. Similarly, verify what their property inspection entails.

A company that conducts two inspections in a year and furnishes you with a comprehensive inspection report is an ideal hire. Be wary of agents who claim to perform many checks within a year, as that might just be a sales pitch. Besides, too many inspections might annoy your current tenants.

Can you evict tenants?

Even though it is not your wish to get rid of your renters, at times it remains the only way out. However, since evicting a tenant can lead to suits and court battles, it is important that you determine how the management company handles tenant evictions. Does it have clear-cut policies and procedures to deal with evictions? Does the removal process end amicably or in litigation wrangles? It is important to hire a company that can successfully handle evictions without any side shows.

How will you communicate with me?

Since the property manager will be working on your behalf, it is critical that the two of you be accessible to each other at all times. The worst decision you can make is to hire a manager who does not pick or return your calls, does not respond to your emails, and does not update you unless you ask. Settle for a management firm that has a clear communication strategy, is always reachable and proactively updates you on lease renewals, vacancies, maintenance concerns and much more.

If you’re currently looking to hire a property management company in Orlando or the surrounding areas, we would love to help you out. Please contact Warner Quinlan at 407-250-4800.