When you’re choosing a Golden property manager or getting acquainted with the systems and processes of a new management company, there are a few questions that you should ask as soon as possible. These things are inherently important to your ROI and your success as an investor.
Most rental property owners remember to ask how much services cost, but they forget to measure those costs against the value that the property manager provides. These questions can help you understand what you’re really getting when you hire a property management company.
1. How many hours of education do you and your staff acquire each year?
It’s important to know that your property managers stay current in the industry. Laws are changing all the time, technology is evolving, and there are best practices to adopt based on what’s working and what isn’t. Find out if your property manager values education and how that education is translated into better service.
2. How many “Professional Property Management” meetings and conventions do you attend annually?
Like education, professional development is also critical. You want to know your property manager is engaged in the industry. It’s not enough to be a leader locally; you need someone who will invest in development and growth. It translates to better results for you and your properties.
3. How up to date is your team on local and federal laws and regulations?
It’s easier than ever to make an expensive legal mistake in the leasing and management of your rental property. Your property managers need to understand fair housing laws inside and out. They need to know what the local laws are for evictions and security deposits and rental increases. It’s your property manager’s job to keep you compliant and to reduce your liability and risk.
4. What are your vacancy and turnover rates?
Vacancy is expensive, and the longer your home sits on the Golden rental market unoccupied, the more money you’re in danger of losing. Ask your property manager how long you can expect your home to be vacant and whether they have high tenant turnover.
5. How do you handle evictions?
A federal ban on eviction remains in effect for tenants who have been financially impacted by COVID. It’s essential that your property managers know that. Ask how evictions are normally handled and what they’ve been doing during the better part of 2020 to ensure that rent is collected and evictions are minimized even during the pandemic.
6. Where do you find your vendors, and are they licensed?
Working with unlicensed and uninsured vendors is dangerous. It might save you a few dollars, but it can cost you thousands in risk, lawsuits, and additional property damage. Make sure your property manager only works with licensed and insured contractors. Get to know their maintenance process. You’ll want to understand whether it’s handled in-house, outsourced, or if there’s some combination of both methods.
7. Do you invest in technology?
Technology helps us with everything from marketing to leasing to screening and maintenance. It allows us to offer online tenant portals where rent is collected and paid digitally. A company that refuses to invest in technology will have a difficult time being transparent, accurate, and accountable.
8. Do you use PetScreening.com for tenants, even those without pets?
PetScreening.com is a great tool that helps us provide peace of mind to our owners who are worried about the damage that pets can do. We make sure all of our tenants understand that they cannot acquire a pet without permission. Everyone is screened through PetScreening.com, and we make sure our pet-friendly properties carry as little risk as possible.
We know that we provide a lot of value for our Golden property management customers, and we’d love to answer these questions in detail for you. Contact us at Laurel Property Services, Inc.