Finding the right property manager for your property can be difficult. How do you determine who you can trust to manage and maintain your property while still making a profit? The answer is in the questions!
Before you decide to hire a property manager in the Orlando area, it’s important to sit down face-to-face with them and have a formal interview. There are so many questions you should ask in order to get to know their structure, values, and work ethic.
If you aren’t sure where to start, we’ve created a list of 9 important questions to ask a rental property manager to help you decide whether they are the right fit for you and your investment property.
1. How Long Have You Been in Business?
There are some industries where you must have experience to learn the ins and outs of it. Real estate is definitely one of these industries. You can read about it all you want, but it’s the experience that will make you an expert.
So, when searching for an Orlando property manager, you’ll want to go with someone who has years of experience. At TrustHome Properties, we’ve been managing Central Florida rental properties since 1969.
2. What Services Do You Offer?
Property management companies all offer different services and packages. Don’t make the mistake that two companies will give you the same thing for the same price.
If you want to completely leave your property in the hands of a property manager, then you should look for a full-service company. This means they’ll handle everything, even accounting and preparing the forms you need for taxes.
This is a great option if you don’t live near your Orlando rental property. Most landlords, 66.8% to be exact, work with property managers due to the distance of their rental.
However, if you still want to have a hand in your rental business, TrustHome Properties offers customized property management plans to fit your needs.
3. How Do You Determine the Rental Price?
While determining the rental price isn’t an exact science, there are useful methods to find the best price. Your property manager should use comparative market analyses and property valuations to determine the price of your rental property in Orlando.
It’s even better if they can go further than that. At TrustHome, our more than 50 years of managing rental properties in Orlando have given us a wealth of real-world insights to add to the numbers.
4. Do You Screen Tenants?
There is no negotiation with this answer – it must be a yes.
All potential tenants should be screened for a background and credit check to determine if they have any issues or evictions in the past. Credit and financial checks are necessary to see if they can afford to pay the rent.
Your property manager should also collect and contact their references and previous landlords for a better understanding of who they are.
5. How Long Does It Take to Fill a Vacancy?
If your property is sitting empty without a tenant, you’re losing money. So, your property manager should make filling your vacancy a priority through advanced marketing tactics and using their network.
6. How Many Properties Do You Manage?
You’ll have to think like Goldie Locks when you ask this question. If they manage too few properties, it could mean they’re inexperienced or clients leave due to poor service. If they manage too many properties, it could mean they won’t give yours the attention it deserves.
7. Can the Lease Be Changed?
It’s important to still have control over your property and the agreement your tenants sign. Most property managers use a standard template lease that complies with local real estate laws. However, if you want to amend it, you’ll have to make sure you have this option.
8. What is Your Fee Structure?
Every property manager has a different fee structure from the next. Don’t expect them all to be the same. Some ask for a percentage of the monthly rent while others charge a flat fee.
Be sure to have a full understanding of their fee structure and any additional costs you may run into. The last thing you want is an unexpected bill because you didn’t read the fine print.
9. How Can I Get Out of My Contract?
Hopefully, you’ll be happy with the property management company in Orlando you choose to hire. However, some property managers make it difficult to switch companies even if you’re not satisfied with their services.
At TrustHome, we have a No Contracts Guarantee. If you’re not happy with our service every single month, just let us know.
TrustHome Properties Is Happy to Answer Your Questions
If you’re holding interviews with property managers in Orlando, TrustHome Properties is happy to answer all of your questions!
As the Orlando area’s leading property management company, we have over five decades of experience, an outstanding team, and excellent services for our clients.
Contact us to schedule an interview and learn how we can help you with your Orlando rental property today!