Today we are talking about some of the questions you want to ask a potential property manager before you start working with that company. We are highlighting four of the most important things you need to pay attention to.
Core Competency
The first thing is not really a question, but a task you should handle yourself. Check out the property manager’s website and see what the home page looks like. Notice if it talks about buying and selling real estate, or if it focuses on managing rental property. You want to be sure property management is the company’s core competency. You wouldn’t hire a general practitioner to perform heart surgery, so why hire a general real estate company to take care of property management?
Technology and Software
Ask your property manager what kind of software tool they are using. There are a few examples of top shelf property management software out there. There’s PropertyBoss, which is what we use, and also Appfolio, which is very good. Make sure the company is using a fully functional property manager software program and make sure they’re using it properly. There are a lot of functions within these programs and it always surprises us how companies don’t take full advantage of the technology they have available. Find out if there’s an owner portal where you’ll be able to view invoices and also documentation that goes with the invoices. Make sure you’ll be able to access leases, management agreements and inspections. You should be able to see it all from the owner’s portal provided by the property management software.
Licensed Brokers
Ask the property manager if the company is a licensed brokerage. Most states require a property manager to be a licensed broker. In Georgia, we are licensed through the Real Estate Commission. We get a lot of clients who come to us after working with an unlicensed property manager who then disappeared with the security deposits or suddenly cannot be contacted.
Property Management Fees
How to Interview Your Atlanta Property Management CompanyAlways ask to see a property manager’s total fee structure. You don’t want to negotiate only the property management fee. Take a look at what all the costs will be and then do a comparison with different companies to see who is giving you the most service and the best service for less.
These four questions will get you started on a good interview with potential property managers. If you have any questions for us, or you’d like to hear more about what we can do for you, please contact us at DKRentals.net.
