Make Finding a Property Management Company Easier on Yourself by Asking the Right Questions – Part 2
This is certainly part 2 of a 4 part series where we now have outlined important questions to ask a property management company before selecting them. San Antonio Property Management
Series 1 Firms Credentials
Series 2 Home Management Services
Series 3 Property Management Costs
Series 4 Tenant Screening Method
Property management companies come in all sizes, functions and expertise. Just because one works for one investor would not necessarily imply they will work for you. Below we have outlined some important questions to ask a company in your initial interview process regarding services they provide. Their answers to these questions will give regarding their business functions and provides you with a knowledge of the sort of services they feature which are important to you.
Series 2 – Property Management Services
Homes they manage – House management businesses are as different as car stores are to each other. For instance, a Mercedes dealership will have the best inventory and the most knowledge of the latest selection of new Mercedes. You could visit the Toyota dealership in your neighborhood, but then you will not find what you are interested in. Of course, they would love your business and will try and talk you into why a Toyota is an improved fit for you than a Mercedes.
Same with a property manager, they may be not created equal when it comes down to their home portfolios. You need to ask what sorts of property they manage and ensure your type of property is one they manage. Should you own a single family home, a firm that manages mostly large apartment buildings or commercial property would not be a good match. Found in this case, your best match would be a company that has a minimum 50% or increased of single family homes in their rental pool.
Some companies manage all types of an investment property… single family homes, apartments, commercial and community associations, but chances are they hold a specialized in one or maybe more areas.
Inspections – A comprehensive property inspection should never be overlooked by a property management company. A property inspection needs to be conducted after tenant move-in and at move-out. A property inspection can range from drive-bys, a walk-through or a video inspection. If arguments arise between tenant and manager about items lacking or damaged, actual paperwork from the move-in inspection and pictures of before and after hold quality versus a verbal arrangement.
A inspection of the interior as well as the exterior of property is the best option. Still pictures are good, but sometimes do not capture all areas of property. The video will not only capture all areas, but is easily interpreted and validated as this issue property. A authorized checklist at move-in from tenant validates that commonly concurs with the inspection findings.
Maintenance – The moment it comes time to performing maintenance or repair work to their local rental properties some property management companies have their own in-house maintenance personnel. These kinds of are usually employees of the company and are paid a salary through the organization. The costs or hourly rate of any maintenance or repair work that is required will be dictated by the management company itself.
Alternatively, the management company might wish to outsource all or some maintenance work to outside vendors. These types of vendors could vary from a handyman, specialized tradesman such as a plumber or a huge facility that executes all kinds of maintenance work.
There are benefits and drawbacks to both and We do not advocate one over the other but will outline a few points of interest:
– Even more readily available, simply because work within the management company
– Direct communication with management company and the policies
– More close with property… they are the “one” contact and know the great your property
– Could possibly be more of a “jack of all trades” compared to being specialized in a certain field and getting the appropriate licenses
– Might not be as determined to perform or finish maintenance work in a timely manner as he/she is not being paid based upon the job. Whether he/she coatings in 2 hours or 8 hours, its all the same.
– In the event in-house maintenance crew is not available, either the repair work waits or perhaps the company will need to search for another supplier on short notice