Basic Questions to Ask Your Property Manager before Signing a Contract

Have you decided to hire a property manager in 2018? Before choosing a professional to manage your rental properties, you should remember that not all property management companies are created equally. Their experience level may vary considerably and so the rates they charge. Even, some professionals of property management services in Kansas City leverage new technology to make their property management easier and cost-effective. Here we have compiled a few questions to ask your property manager before you fix one.

Experience

Ask the property manager about the timed period they are in the business. If the property management company you decided to choose has been in the business for over five years, then it’s a good choice. Being in the property management industry for five years, allows a long enough track record to call references before hiring.

Changes in Business Model

When you question about their business model, the answer will tell you how responsive the company is to industry changes and the evolution of technology.

Types of Services

Inquire about the different kinds of property management services they currently offer. Also, keep in mind that not all property management companies provide the same services. If you find a company that provides a full suite of property management services that includes asset-receiver management and building maintenance in Kansas City, then don’t regret to choose them.

The Number of Rentals

Ask the professionals about the number of rentals they manage currently to gauge the company’s size and expertise. Make an informed decision about the stretch of the company by taking the size of their staff into consideration.

Rental Properties in Your Area

Understanding the aspect of the local real estate or rental market is the prime duty of a property management service provider. So, ask whether they have managed properties in your area. If they have, probably the company understands the nuances of your local rental market.

Team Members

It’s essential to know the staff of the property management company you choose. Find out whether the team members have any specialized roles to play or they are generalists. Some companies have a single person to manage a rental while others take an all-hands-on-deck approach to service delivery.

Cancellation of the Management Contract

For busy landlords or property owners, never get locked into a contract you can’t escape. Some property management companies in the market try to hold you captive with a contract. So, ask about the conditions under which you can cancel the management contract.

Management Fees or Pricing Options

The question on the management fee gives you precise information on the average monthly payment. Some property management companies offer a flat rate while others provide a rate based on the rent amount. Even, some companies offer three levels of pricing, which includes,

  • Lease only plan
  • Standard plan and
  • Premium plan

The Bottom Line

Always make sure to know the property manager in person before hiring them to get a better feel for the person.