Do you want to rent out properties without the hassle?
Property management companies are the stress-free solution to renting out your houses. They can cover all the work, from finding tenants to collecting rent, and give you a secure income.
With such an essential role in your properties, if you hire property management, you need to make sure you find a team that suits you. They need to be reliable, efficient, and work with your needs.
To help you find your team, check out these seven questions you should be asking.
1. Are You a Licensed Company?
In Bellevue and across America, any property management company needs to have licenses. If they don't, it'll be illegal for them to manage your property, which you don't want!
Before hiring, make sure your company has it's license and insurance policies in place. If it doesn't, then you should immediately go elsewhere.
2. What Kind of Properties Do You Usually Manage?
Learning what types of property your potential company is used to managing will help you gauge their suitability.
Different types of properties often have different tasks that need doing. For example, managing a few homes is very different from managing an entire complex, and both would need a team experienced with what each need.
Even the style of your home could affect who you choose. Companies used to modern, new developments may be unsure how to market or take care of an older, period property. Find a team that has dealt with your kind of properties before and will know how to manage them.
3. How Do You Differ From Other Property Management Companies?
Every property management company is different, so make sure you know how they stand out. If you're living in Bellevue, you might already know some of the competitor companies and can ask specifically how they stand apart.
Even if you don't know their competitors, ask what they think makes their company special. Is it their knowledge of the market or the online tools they use? Or perhaps they have flexible property management fees tailored to your needs?
Finding out about the unique aspects of the company will help you learn more about how they're structured and run their business. You'll get to know all their best features and determine whether they're right for you.
4. How Do You Screen Potential Residents?
The people who live in your properties are essential. Ideally, you want respectful tenants who fit your criteria and will keep up the welcoming atmosphere in your properties. Make sure you find out how the company will ensure this.
Ask whether they run credit checks, background checks, and when they think it's necessary to ask for a guarantor. Do they verify employment or speak to past landlords?
If you have any specific requests, such as requiring a tenancy application from each potential resident, make sure you ask now. This is the time for questions, after all!
5. Who Handles Maintenance?
The upkeep of your properties is essential. It'll help them last longer, make them more desirable for future tenants, and stop any costly future damage caused by minor existing issues.
If the company is managing maintenance, find out exactly how they do it. They may have their own team or hire contractors. Learn who's doing the work so you can get to know them.
Some maintenance works will need licenses and permits, as will contractors, so make sure their knowledge on this topic is up to scratch. You can also ask to see work done by their team or contractors. If they use contractors, ask for their details so you can check them out separately.
6. How Do You Collect Rent?
Rent collection is a vital part of the company's management. Ask them what kind of policies are in place for safe and secure collection. Do they pick it up, have tenants bank transfer, or do they use a third party or online tool?
Check that the rental leases outline the due date for rent, the amount that should be paid, and fees for late payments. There should also be a section that discusses eviction terms if the tenant breaks the lease agreement and isn't paying rent.
7. Do You Have Any Previous References?
Like any company you're hiring, be sure to check for references and reviews. Nowadays, there are plenty online, so it shouldn't be hard!
You can ask the company directly for reviews from their employees or past clients. Try and find clients who have similar properties to yours for feedback. This will help you work out if the company is a good fit for you.
It's also a great idea to do an online search. The company should have an online presence that includes feedback from clients. Check out their social media comments as well as any specific review sites.
If you see any comments that look dodgy or a ton of bad reviews, you should back out now! The same goes for if the company refuses to provide any references or reviews. It's a red flag that shouldn't be ignored.
Get it Right With Next Brick
Finding property management companies that you can rely on is a big task.
We're a trusted team that's experienced in managing a variety of properties. We find great tenants, keep up with regular inspections, and take care of your properties just like you would. When it comes to property management, we're the team you need.
There are a lot of questions to ask and a lot of research to be done! If you want to make it easier, get in touch with our team at Next Brick.