Top Six Questions to Ask Your Property Manager
When it comes to managing your rental property portfolio, hiring a property manager who you can trust and depend on is a crucial piece of the equation. From providing accurate rent rate analysis to leasing your property to qualified, screened tenants and overseeing maintenance on the home, it is important to hire a property management company that not only aligns with, but can help you achieve your unique real estate investment goals and has your best interests in mind. Whether you already have a property management company you are working with or are considering the best options in the market you are looking to invest in, here are six of the top questions you should ask every property manager.
Can you help get my property move-in ready? While some rental properties are purchased turn-key, others need some love to get them up to market-ready condition. Look for property management companies who offer renovation services or can help you to complete a punch list on the property prior to placing qualified tenants. A property manager can provide you with unique insights when it comes to renovating your property such as appropriate level of finish, ideal home layout, etc. that will make your property more attractive to prospective renters. In the end, going with a property manager who knows exactly what it will take to get the property up to lease-ready condition and has the dedicated contractor labor to make it happen in a timely manner will provide you with greater synergy as well as significant time and cost savings. Look for management companies who can offer you a full suite of services so you don't have to piecemeal your own property management solution. The less hands in the mix, the more control you keep as a property owner and ultimate decision maker.
What are all of the monthly fees I can expect to pay? Of course, cost is one of the most significant factors when it comes to hiring a property manager. For most property management companies, you can expect to pay a certain percentage of the monthly rent revenue for management. Be sure to ask what this monthly cost includes. Is maintenance on the home an addition charge? What is the cost to lease the property? What happens if you purchase a home with inherited tenants or need to remove a tenant from the property during the lease? These are all questions that you will want to ask during initial conversations with a prospective property manager. Be sure that there are no surprise fees that you will run into down the road. Also, be sure to ask about volume discounts if you have more than one unit that you are looking to place under new management.
How do you handle maintenance on properties? One of many reasons to consider hiring a property manager is that a property manager will oversee all needed maintenance and repairs on the properties in your possession. Property managers are truly your eyes and ears to make sure everything is being taken care of at your properties. Especially if you are an out-of-state investor who can't just drive by the property on a given afternoon, it is critical that you hire a property manager that is proactive (and is just driving by on a given afternoon to check on things) and staying on top of the maintenance of your home, saving you from bigger bills and headaches in the future. Be sure to ask a prospective manager to elaborate on how they handle maintenance. Do they have an in-house handyman? Do they utilize a team of dedicated contractors? Often, property managers using a dedicated team of qualified and vetted contractors can offer clients discount pricing compared to you hiring someone from the general marketplace to complete repairs on your home. A qualified property manager can help you anticipate the maintenance costs that are coming down the road so you can better plan ahead.
How can you as the property management company help me grow my portfolio? Look for a property management company who can grow with you. Whether you currently own one rental property, are looking to purchase your first, or hold a large investment portfolio, look for a property manager you can partner with to achieve your investment goals and maximize ROI. Look for a property management experts who can also assist with and specialize in rental property acquisition and selling rental properties. Property managers will have unique insights and expertise that not all real estate agents will have and can position your rental properties to help them sell for top dollar in the quickest amount of time.
What is the structure of your team and what resources will be available to me as a client? In addition to the monthly cost of management, it is important to identify who you will be communicating with and speaking to on a monthly basis as your property manager. Be sure to ask a prospective property management company about who specifically on the team you will be working with and what the team structure is. Who do you reach out to if you have a billing question? Who do you talk to if you are interested in selling one of your rental properties? Also, be sure to ask who exactly on the team your tenants will be communicating with for maintenance requests, lease renewal, etc. Another item you will want to ask about is what additional resources as a property management client you will have access to, including contractor contacts, legal counsel, etc.
How do you find and place qualified tenants? A large part of hiring a property management company is utilizing their leasing services to help you market your property and place qualified tenants in your home. Ask your prospective property manager about what screening processes they use (background check, credit check, etc.) and how exactly they go about placing tenants into a property. Look for a management company that offers you as the property owner ultimate decision making power when it comes to making the final call on who you will be leasing your property to. What marketing channels do they use to ensure that your property rents for market rate and is filled in the quickest amount of time?
Asking the right questions with your current or prospective property manager will help ensure that you have the best boots on the ground handling the management of your property portfolio. Contact us to learn more.
About Intrigue Indy Property Management
Intrigue Indy Property Management is a top-rated property management and leasing company based in Indianapolis, Indiana. Intrigue's team of experienced property managers specialize in managing and leasing single-family homes, duplexes, multi-family residential buildings, commercial buildings, and more. Intrigue Indy manages properties located in downtown Indianapolis and the surrounding suburbs, including but not limited to, Beech Grove, Southport, Greenwood, Whiteland, Bargersville, Franklin, Speedway, Clermont, Avon, Plainfield, Brownsburg, Danville, Whitestown, Zionsville, Carmel, Westfield, Noblesville, Fishers, Greenfield, Lawrence, Cumberland, McCordsville, and Fortville. From facilitating rental property purchases to using a dedicated network of qualified contractors who are able to offer our clients below market pricing on home maintenance and repair, Intrigue provides the boost our clients' real estate investment strategies need to maximize ROI. Intrigue specializes in serving out-of-state investors and local investors alike. We're your boots on the ground to get the job done for the property owners and investors that we serve as well as for the residents that call an Intrigue Indy property home. Interested in receiving a free rental property analysis? Click here to get started.