Five Questions to Ask a Property Management Company
When it comes to property management, it can be easy to feel overwhelmed. There are many individuals that own real estate that decide very early on that managing their own properties just isn’t worth it. This is extremely true for investors that have properties in other parts of the country that are not easily accessible to them. It can be difficult to handle the day-to-day issues. There are many pros and cons of taking on the responsibility of the property. If you are looking to rent out your property, but aren’t sure how to choose a property management company, ask these 5 important questions to find the right fit.
- How many evictions are processed by your company each year?
This is an important question to ask, because you we see how effective the property management company’s practices are. If there is a high turnover rate, ask the company to explain further because it could be a sign that the company does not deliver a good return for properties.
- How does your company handle late payments?
The collection of rent is the most important part of a property management company’s operation. Depending on the company, they could allow a grace period, or have an extremely strict policy. Make sure you understand how the company works so you can keep the money flowing!
3. How are maintenance and repairs handled for my property?
If there are repairs needed on your property, it can be difficult to find a reliable contractor, especially if you don’t live in the area that your rental property is in. Find out if the property management company that you are working with a reliable contracting team, or simply hires the first contractor that says they are available.
4. How often does your company generate reports for me?
It is important that you know what is going on with your property. Getting reports can help you avoid unnecessary costs and fees, so find out how often reports are generated for your properties.
5. How much do you charge for your services?
One of the most important questions you will need to ask a rental property company. Service charges vary from state to state and from company to company. Make sure you understand each charge so you’ll know what you are getting into.
If you have rental properties in the Colorado area, please contact the professionals at Colorado Home Check. We are proud to offer home care and concierge services that will ensure that your rental property is kept in top condition. We perform detailed home checks, which include photos of your property to ensure that you are satisfied with the condition of your home. Contact us today!