Hiring a professional property manager is a great way to protect your investment and earn more on your rental property. However, you have to be strategic with your choice. Screening a property manager is even more important than screening a tenant.
Today, we’re discussing the 10 questions you must ask before hiring a Kansas City property management company.
1. How Much Do You Charge?
We know you’re concerned with costs. But, remember that cheaper isn’t always better. Compare services as well as prices because a discount company might not include everything you need. Be willing to invest in experience. It will help you earn more and spend less in the long run.
2. What Do Customers Think?
Pay attention to reviews, references, and recommendations. Make sure the property manager understands the property you have. If you own a single family home, a property manager with great reviews from apartment building owners may not be the right choice. Look for positive experiences from people online, and remember that tenants will often leave negative reviews when property managers do their jobs correctly.
3. Are You Available to Show My Home?
Your property manager should do more than post a sign in your yard and throw a listing online. You want someone who can talk to prospective tenants, do a little pre-screening, and be available to answer questions about your property.
4. What is Your Tenant Screening Process?
Choosing the right tenant is critical. There should be a background check, a credit check, and a verification of rental history. Find out if the charges for these reports will be passed on to you, and if they understand the legal requirements of tenant screening, particularly fair housing laws.
5. What Kind of Advertising Will Be Done?
Online advertising is critical; nearly 80 percent of renters find their homes online. Choose a property manager with local connections who can help you identify and pursue a qualified tenant pool.
6. How is Maintenance Handled?
Some companies have in-house maintenance services that will respond to your tenant’s maintenance needs. Just remember that this allows your property manager to profit off of your repairs. That could be a conflict. You shouldn’t be charged any mark-ups for maintenance either. Work with someone who sends qualified, insured, and licensed vendors to your property.
7. Are Statements Provided Every Month?
You should receive accounting statements monthly or quarterly that reflect the income and expenses associated with your property. A good management company will have online resources that allow you to see your account at any time. Make sure you will receive all the necessary documentation at tax time.
8. How are Evictions Handled?
You’ll want a property manager who rarely has to evict the tenants they place. When evictions do become necessary, find out if you’ll have to pay extra for eviction help, and if the company offers any eviction protection plans or guarantees.
9. Will a Maintenance Reserve Be Required?
Some companies ask for a reserve in case there are small repairs or maintenance costs. This helps to take care of the issue right away, without waiting for approvals from the property owner. Find out how much of a reserve is required, what it would be used for, and at what point you must approve any expenses or repairs.
10. How Many Properties Do You Manage?
This is an important question, and you also need to know how many property managers handle those homes, what types of properties they specialize in, and how long they have been in business.
These should be your first questions when you’re looking for a Kansas City property management company. If you have any questions or if you’d like to hear about our services, please contact us at Key Partners Property Management.
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