What You Must Ask a Property Management Company
The greatness of property management companies isn’t just in their years of experience. It’s more. This video explains the type of questions to ask a property management company before contracting.
1. How do you screen your tenants?
You want to be sure your properties are financially and physically secure. A thorough tenant screening helps the management rule out applicants with a poor rental history and criminal record, among other things.
2. What percentage of the monthly rent do you charge?
Figures are crucial in every business deal. Most property management companies charge between 8% and 12% of the monthly rent.
3. What happens during an eviction?
Eviction laws vary by state. It’s good to ascertain that the property management company is well-versed with local laws.
4. What happens during a tenant turnover?
Tenant turnover is the period between the move-out of the current tenant and the move-in of a new tenant.
5. What is the vacancy rate?
Knowing the city’s vacancy rate helps an investor justify the cost of buying a property.
While there’re many competent property management companies, it’s important to find a team whose skill set matches your needs.
