When you’re a rental property owner, you know you need the best West Palm Beach property management company on your team – but how do you figure out which company is right for you?
The answer: Through an interview.
You can interview as many potential property managers as you’d like so you find one you’re comfortable working with. You just have to make sure that you’re asking the right questions so you get answers that apply to your specific situation. Here’s a quick list of questions to ask a property managers (and the answers you’re looking for) to get you started.
7 Questions to Ask in a Property Manager Interview
When you’re interviewing potential property managers, asking these 17 questions can save you a lot of trouble – and they can ensure you’re working with the right company to maximize profits, care for your home, and keep you in the loop about what’s happening with your house or condo.
#1: How long have you been in business?
Experience counts, and while there’s nothing wrong with hiring the “new guy on the block,” it’s important that you know managing a property often involves surprise situations and requires quick thinking. Your best bet is to go with someone who’s successfully managed other properties and who has good reviews of his or her service.
#2: What property management services do you offer?
You want someone who’s able to collect and disburse rent online, who responds to tenant and landlord issues 24 hours a day, and who can give you full access to your property’s documentation (including work orders, financial statements and other important information) online.
#3: How long does it usually take you to get a tenant in a vacant property?
Ideally, you’ll work with a West Palm Beach property management company that gets tenants into vacant homes within a month. (For example, we have a 21-day average turnaround time; that means when a property becomes vacant, we usually have a new tenant ready to go within three weeks.)
#4: How can you help me set the right rental rate?
A good property manager knows his or her market so well that pricing isn’t an issue. If your rent is too high, the home is going to sit vacant; too low and you risk leaving money on the table. A skilled property manager can find just the right rate so you get the tenants you want quickly.
#5: What areas do you cover?
Ideally, your property manager will have a small radius of areas he or she serves to prevent being spread too thin. Typically, one city – and even a small radius outside that city – is just right. That way, property managers are able to keep better tabs on the rental market.
#6: How will you advertise my property for rent?
You need a property manager who is very proactive with marketing. Choose one that uses 3D interactive tours and high-resolution photos to market your property; those are the more savvy managers who understand that they need to appeal to the widest range of prospective tenants. You also need a management company that will broadcast your property using social media, search engine optimization techniques and all the big rental websites; otherwise, you’re missing out on huge segments of people looking for homes just like yours.
#7: What are your monthly management fees?
You need to work with a property management firm that brings you enough income to pay its fee and still make a profit on your rental, so this is one of the most important questions you could ask – but you also need to know that you get what you pay for. You want a manager who will be responsive to your (and your tenant’s) needs and who cares about your property as much as you do.
Do You Need to Talk to a Property Manager About Your West Palm Beach House or Condo?
If you’re thinking about renting a condominium or house in West Palm Beach, we’d love to answer your questions and talk about how we’ll help you make the profits you need.
Call us at 561-766-2195 today. We can help you get the most from your rental!