1. How many years have you been in the business? You want a property management company that has been around the block a few times.
2. How many properties do you actively manage? The more properties they manage, the better systems they probably have in place.
3. Do you work with investors, and are you an investor yourself? Over the years, I have found that property managers who are also investors are more prone to taking care of your property like it’s their own. They will go the extra mile to take care of preventative maintenance, and that saves you money.
4. What is your application process? Make sure the management company has a detailed and thorough application process. You want a complete background screening and a search for evictions. This will help you avoid placing tenants who may be problems down the road.
5. How do you handle the security deposit? Some management companies will hold the deposit in their own escrow account, and others will require the landlord to hold the deposit in an escrow account. Find out who handles this, and make sure it’s done legally by the book. You don’t want any issues when the tenant moves out.
6. Do you use property management software? There are so many different types of software now, there’s no reason for a property manager to still be using pen and paper. This technology will help your tenants submit inquiries and work orders online, and it allows owners to track everything that’s going on with their properties. Easy reports are generated every month.
7. What is your management fee? This will vary and many times, you might think you’re getting a lower management fee, but then hidden fees will show up. If it sounds too good to be true, it probably is.
8. Will monthly statements be provided? You should get a statement with your rental payment every month.
9. Who is responsible for communicating? Make sure you have an idea from the beginning of who is responsible for getting in touch with you.
10. Do you work after hours? You want your property manager to at least be accessible after hours. For your peace of mind and your tenant’s peace of mind, you need a management company who is available by phone late at night and over the weekends.
If you have any questions about what to ask a property manager or you need more information about Boca Raton property management, please contact us at Domu Property Management.
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