If you have a home or a condo that you would like to rent out, you may quickly learn that being a landlord is not easy. Becoming a landlord means that you have a job that you must perform and a new business and personal relationship to create with a tenant. If you are a busy person, or someone looking for leisure, hiring a property management firm can take a lot of the issues of renting off of your shoulders.
Before you hire a property management service, be sure to treat them like the potential tenant and ask the right questions. Here are some questions to ask and answers to know before you entrust your property with someone else.
How many properties have you managed/are you managing?
The first thing that you want to know is the experience that the property management service has with managing homes. An experienced company with good roots and good reviews is the best bet for trusting with your home investment.
Along with knowing how many years of service the management has, you should also ask how many properties the company is currently managing. The reason for this question is to make sure that your property will not be in the shuffle of a large portfolio, and that you and your tenant will receive a quick response when you need it.
What does your lease look like?
Often property management firms will create the leases for the tenants. Check out the lease to make sure that you agree with all of the terms and conditions. If you have issues with the lease, or if you wish to propose different terms, let the property management known immediately. They may be able to accommodate you, or they may have specific rules on how leases, deposits, and other fees and legal paperwork is handled. This will be important to know to protect yourself and your property legally.
How often can you do a walk-through?
Walk-throughs are an often forgotten part of many property management agreements. As the property owner, ultimately, the home is your investment. You want to make sure that your investment stays in good shape and is properly kept up. Ask the management if they, or you, would be able to do a walk-through on a certain schedule, such as twice a year, in order to make note of the property's conditions and to allow any issues to be taken care of. Care of your home is of the utmost importance, therefore a property management service (such as Applied Property Management) should make sure you have a return on investment, and that your home is kept in good condition long term.