Questions to Ask a Property Manager

If you own a rental property, you’ve got two options. You can either manage it on your own or hire a property manager. Of course, the latter is a lot better.

However, it is vital to know that not every property management company is created the same. Experience levels can greatly differ. A couple of them might utilize new technology, while some might be operating the traditional way.

If you’re looking for the best San Mateo property management company for your rental property, here are a couple of questions to ask:

What Are Your Management Fees Per Month?

In general, management fees run around 8 to 12 percent of overall monthly revenues. However, this can differ depending on the offered services.

Which Forms of Insurance Do You Have?

You should hire a company that has omissions and error policy and at least a $1 million general liability policy.

Are Your Members Generalists or Do They Have Unique Roles?

You will want to know whether one individual is accountable for handling your rental, or whether the firm takes an all-hands-on-deck method to service delivery. This means that one person is an accounting professional, another will be accountable for maintenance and repairs, and one person will market your property.

Can You Explain Fair Housing Laws?

An excellent property manager will be fluent in every fair housing, state, and local law.

Which Tactics Do You Utilize to Quickly Fill Vacant Units, Without Sacrificing the Quality of the Tenants?

This offers ideal into their rental tactics when pressed with a deadline.

How Do You Set Your Rental Rates?

Any professional and reliable firm will be able to operate a market analysis that informs rental rates based on a couple of aspects. This includes the features you provide, the size of the unit, and your local market.

Which Forms of Properties Do You Handle?

A property manager who handles single-family rentals will have a various approach compared to a professional who handles retail or commercial properties. You’ve got to ensure you look for someone within your market industry.

Which Places Does Your Firm Service?

Having a huge coverage area can be advantageous if you own or are thinking about investing in properties in several towns or cities.

Do You Handle Any Other Rental Properties in My Area?

You want to ensure that your property management firm knows the distinctions of your local rental market.

How Many Rentals Do You Handle Currently?

This will help you to measure the expertise and size of the company. You’ve got to ensure that the company is not stretched too thin given the size of its employees.

Which Property Management Services Do You Provide as of Now?

Not every property management firm provides the same services. You’ve got to ensure that this firm provides a complete range of services that fits your preferences.

How Long Have You Been in Business?

It is suggested that you hire a company that has been in the industry for at least 5 years. This enables you to know that they’ve got the track record you need.

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