Finding the right property manager to manage your rental property in Colorado Springs can be a daunting task as there are many property managers out there. Take your time when looking for a property manager so that you can make an informed decision.
Also, ask potential property managers the right questions. These questions will guide you and help you ensure that the property manager you choose is the best all-around choice. So, without further ado, here are the questions to ask potential property managers:
How Long Have You Been a Property Manager?
Experience is a very important thing to consider when looking for a good property manager as it separates the good property managers from those you should avoid. Apart from the number of years a property manager has been in business, it is important to consider the type of property a manager has managed.
Depending on your type of property, you can choose a manager who specializes in managing properties like yours or look for a manager with experience managing different types of properties.
How Do You Screen Prospective Tenants?
Tenant screening is very important as it will help you find reliable tenants who will pay their rent on time. So, when looking for a property manager, look for one who will do this process in a way that will help you find reliable tenants who will pay the rent on time and take good care of your property.
Find out from the manager how they match prospective tenants to your property and how they find tenants. Keep in mind that the way a property manager screens tenants is an indicator of their level of service to your property.
How Do You Handle Late Rent Payments?
Finding tenants is only one phase of managing a property. The longer, more difficult, phase is managing the tenancy. Asking a potential property manager how they handle late rent payments will help you know the manager’s management style and how they deal with important rental issues such as late rent payment.
Find out whether or not the process a potential property manager uses aligns with what you expect them to do and how you would like them to manage your property.
How Do You Handle Tenant Complaints?
Just like the previous question, asking how a property manager handles tenant complaints will enable you to determine whether or not a potential property manager will handle landlord-tenant relationship well.
Since a property manager will act as a mediator between you and your tenant, it is wise to look for a property manager who handles tenant complaints well.
How Much Can I Rent My Property For?
Asking this question after doing your research will help you determine how well a potential property manager knows the market. Besides, it enables you to know the value of your property in the current market. A property management company with a rent evaluation process is a great way to see what your property could rent for.
Compare the answers of different property managers to find one who knows where your property stands in the market.
How Important is Preventative Maintenance to You and How Does Your Company Handle It?
A preventative maintenance plan is very important as it keeps a house in tip-top condition and prevents extensive and costly problems. As such, it is good to consider preventative maintenance when looking for a property manager.
A property manager needs to keep a preventative maintenance log that shows the items inspected and addressed and the signature of the maintenance supervisor acknowledging that all the required tasks have been completed.
How Much Will You Charge for Managing My Property?
Some property managers have small sign-up fees but a variety of hidden fees after you sign on and let them manage your property. You can avoid hidden fees by asking a potential property manager to show you all management and service fees they include in their service.
Keep in mind that the more complicated the fee structure of a property manager, the bigger the headache (and expense) it will most likely be.
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