Wednesday, July 27, 2011

Did you know

All property managers are not the same. Their services vary as much as their qualifications. If you are looking for a property manager, take the time to decide if they are the right property management company for you. Interview several before making a decision. The company that you decide upon will be handling your investment which is, more than likely, one of the largest investments that you have.

Here are a few questions that you may want to ask them.

How many properties do they manage?

How many leases do they do each month?

How many houses do they have available for rent?

How long does it take them to lease a house?

How do they collect rent?

How do they handle repair requests?

Do they only handle rents or do they also sell properties?

One of the most important question is:

How long have them been managing property? If they are a start up company, you don’t need them to get experience on your dime. It is hard to beat experience as a teacher. Do they know the procedures for evicting a tenant. There is nothing negative about being the new kid on the block. The question is, have they done their homework. Are they familiar with handling mold, a tenant paying partial rent, dealing with roommates, monies owed after the tenant moves out and the list goes on and on and on.

Being in the mountains and a rural area, many might forget that technology does drive businesses and property management is no exception. How do they collect rent. Do they allow credit cards, ACH or tenant paying online? Is their website secure? Property managers need to be on the cutting edge of technology.

Real Estate companies general don’t have this stuff. They are doing their best to sell property not be a property management company. This tells you that they are not serious about being a property management company. All they want to do is sell property and are biding their time by doing property management until the sales start coming back.

Take the time to be informed before you decide who you will use to manage one of your largest assets. You can always change your mind but it will cost you more in the long run if you choose someone that is not qualified but is “So personable”. Take your time and ask questions and then more questions.