Today, we’re sharing some of the questions you should ask a property manager before you hire them to take care of your rental properties.
Relationships and CommunicationThe first question I would ask is about your level of involvement. If you are the type of client who likes to be involved with your property, make sure your property manager is willing to work with you and keep you involved in the decisions and procedures involving your rental property.
You’ll also want to know how the property manager will communicate with you. Find out if they talk to you through email or if they pick up the phone when you call. Make sure your preferred method of communication is a good fit with the way they communicate.
Tenant Screening and MaintenanceAsk how they screen tenants. This is an important piece of property management. The tenants will be living
Maintenance is also pretty important, so ask how it’s handled, and whether they work with an in-house maintenance team or third party vendors. It’s always helpful to have an in-house maintenance coordinator who can respond to repair requests as they come in, and handle them in a timely manner.
Finances and PaymentHow does your property manager handle lease renewals and rent increases? You don’t want to go several years without an increase in rent. A good property manager will at least review the market and the competition and make a recommendation on how much rent you should charge.
Find out when you will be paid. At what point in the month does rent get sent to you? Most managers collect rent from the tenants around the first of the month. Make sure they’re sending you your funds on a timely basis.
Property Management San Jose: InspectionsWhen do the property managers actually go by and check the property? The industry standard is once a year. Annual inspections are great, but we like to do a
Finally, you’ll want to ask about fees. There are lots of different ways property managers can put fees into a contract. Sometimes, it’s a percentage of rent or a flat fee. Other times, there may be hidden fees. Make sure all fees are disclosed before you sign a contract.
Those are the tips we have for you today. There’s a lot more to talk about, so please contact us and Cornerstone Property Management with any questions about San Jose property management.