Hiring a professional property manager or property management company is vital. It is vital because you want to get the best of your investment. You want to keep your property well-maintained without hassles. They can to save your precious time on your investment properties.
You are absolutely right. There are many benefits of hiring professional property manager or property management firm.
Key Benefits of Hiring Property Management Company for Investment Property
- Tenant screening assistance
- Higher quality tenants
- Better tenant retention
- Shorter vacancy periods
- On time rent collection
- Fewer problems
- Legal and Tax assistance
- Easy eviction process
- Lower maintenance and repair costs
- Less stress and more freedom
These are benefits which often lure property owners to hire a professional property management company. But sometimes, people fail to figure out the right service provider. And as a result, they get trapped in wrong hands.
So, it becomes vital to hire the right and reliable property manager. The best way to hire a credible property manager is contacting various property management companies in Maryland and taking them into questions. Knowing different companies, their services, and their rates will help you figure out the best service provider.
Here’re 7 Essential Questions to Ask When Hiring Property Management Company
1. Are you a licensed and registered property management company? Do you have certification for the same?
The property management company must be licensed. And you must check the same before hiring. If you want to get complete peace of mind, then you must go with a licensed property manager.
2. How long have you / your company been in property management business?
While in conversation with a property management firm then you must ask this question. You will never like go with an amateur property manager. An experienced property manager can handle any situation in better ways.
3. What types of properties do you manage? Residential, Commercial or Both?
It is important to hire a specialized property manager. Don’t hire a residential property manager for managing your commercial property.
4. What are the main services that you / your company offer to landlords?
You have decided to hire a professional management firm to get best of your investment in real estate properties. For this, you pay a significant amount of money. So, it is very important to know what services you will get actually once you hire a property manager or company.
5. How are tenants screened?
The screening of tenants is important when it comes to pick the right tenant for a residential house. It is the responsibility of your property manager to conduct the very tight tenant screening before choosing the tenant for your property. Hence, knowing the tenant screening process is imperative. Make sure your property manager will do a background check, eviction report check, credit score check, and rent payment history on potential tenants.
6. Can I see sample documents you use in property management?
It is one of the most important questions you ought to ask the property management company. You may want to documents like
- Leases or contracts or agreements
- Move in / move out condition reports
- Letter to tenants
- Rental application
- Property owner financial reports
7. What is your fee structure? How do you charge for your property management services?
You ought to know estimated charges for property management services. Before making any final decision you must know the property management fees. Make sure, the property management contract clearly states each and everything you will get including prices and services.
Some Other Questions You Can Ask
Here are some other important questions you can ask while hiring a property management company for your investment or rental property.
- How do you market / advertise the property?
- How many properties are you managing?
- What types of properties do you manage?
- How do you collect the rent from the tenant?
- How long is the property management agreement for?
- What steps do you take for tenant eviction?
- Do you provide a monthly/half-yearly/yearly report and statement?
- How long does it take to fill a vacancy?
- Do you have references?
I hope these questions will help you hire the right and best property manager for your investment properties. I have hired a good property management in Baltimore for my rental property by asking some of these questions. Really, a little effort makes good things happen.