STEPS TO GETTING YOUR RENTAL PROPERTY MANAGED PART 1 OF 3
I am going to cover the procedures in getting your property managed in a 3 part blog. Where it doesn’t sound like more than just comparing fees with companies, you, the owner, should really be interviewing the property manager to make sure they are the right fit for you and can help you reach your goals with your rental property.
The first step in getting your rental managed is the INTERVIEW process.
As the owner of a rental property, you are in 1 of 3 positions:
You are a first time landlord
You have been managing the property on your own
You are not satisfied with your current property manager
There are a few things you should do as an owner when choosing the right property management company. Besides asking what the fees are, you should ask some additional questions. Some of these would be:
The monthly fees are __X__
What are the new lease fees?
What are the renewal fees?
Are the monthly fees charged in the same month a new lease or renewed lease fee is charged?
Are there ‘vacant’ property fees?
Are there any other fees to be aware of?
How long have you been a property manager?
Is property management your only job duty?
How long is the average time to get a property rented?
How do you screen an applicant?
What do you screen for?
Can I elect to have my rent mailed or sent directly to my bank?
Is there a website I can view real time activity on my property?
Does a tenant have the option to pay online?
How can I reach my property manager directly?
How long does it take to get returned calls? Emails?
These are just a few questions you should ask every property manager you interview. It is important to remember that you are entering into a business relationship with this company, and an even closer one with the property manager. If you are not comfortable with their company policy or you’re just not clicking with the property manager, you should talk to other property managers.
Remember too, that cheaper is not always better. Where the lower rates sound appealing, the experience and work ethics are far more important than a few dollars each month. Good experience and even better work ethics can save you thousands of dollars in the long run, where the lower rates can only save you a few dollars. A property manager cannot be one who avoids conflict at all costs, but also cannot be a bully.
If you have other questions or concerns you would like to get the property manager’s opinion on, or you have a ‘what if’ scenario, ask. Don’t be shy or think that you are asking too many questions. What you don’t know in the rental industry – CAN hurt you. Unfortunately, ignorance is not bliss. This is why the interview process is so important to you. You want to make sure the company you hire is a company with the experience and back up needed to handle ANY situation that may occur with your rental property.
If you are still not sure after you speak with several property managers, call your Florida Real Estate attorney and discuss your options and concerns with them. They can help you sort through everything. That’s why they get paid the big bucks! (Ha Ha!)
In the end, remember that we work for you, and we are more than happy to answer all questions you have to make your experience successful.