Questions to Ask a Property Manager
Hiring a property manager for the first time is a big decision for a landlord or real estate investor. Purchasing your rental property is a huge investment and you want to make sure you are getting the best return possible. There are so many moving parts to owning rental properties. Routine maintenance, repairs, tenant screening, marketing, and legal compliance all take different skills. Taxes and bookkeeping add another layer of responsibility on top of that. You are probably wondering where to even begin.
How to Decide?
When an investor is just starting out, often self-managing the property is the best option. If you are planning on growing your portfolio though, eventually you will absolutely need a property manager, especially if you plan on investing outside of your own city.
We have put together a set of questions you should be asking your potential property manager before you hire them. You will want to make sure they have the skill and capacity to meet your needs.
How will you market my property?
The best way to market a property is to present it to potential tenants in a clean and well-kept manner. We treat the homes we manage no differently than the way we treat our own. Since we have always operated with the highest standards of quality, we typically rent out properties in two weeks or less, much quicker than most. We have also invested in a self-showing marketing software system that lets potential tenants view the property right from their own screen, drastically cutting down on the time it takes to rent properties while giving everyone peace of mind.
How are tenants screened?
We have our own tenant screening process to ensure that only qualified renters will be signing a lease. We are experts in Virginia housing laws, so you can be assured you are protected from any lawsuits while still knowing only exceptional renters will be in your house. Several factors are considered, but those with past evictions or unpaid rental debts are typically automatically denied. We have found the best way to prevent issues down the road is to only rent to qualified tenants.
How do you decide on the rent amount?
We have been in the real estate business in this area for a long time and know the market inside and out. If you are in Culpeper, Fredericksburg, Gainesville, Haymarket, Madison, Orange, Rappahannock, Spotsylvania, Warrenton or the surrounding areas, we will analyze your property and be able to come up with a fair market rent amount that will fill quickly while also giving you a proper return on your investment. In fact, one of the services we offer potential clients is a free rental analysis of your home. Give us a call and get your home's rental value today.
How do you handle problem tenants?
While we always screen tenants before leases are offered, problems do arise from time to time. We believe the best way to treat tenants is to clearly communicate, tactfully set expectations, quickly fix maintenance problems and always keep the property well maintained. In the rare event of problem tenants, we will be responsible for filing all court documents in connection with evictions and provide all court representation when allowed.
Will you also do bookkeeping and accounting?
Part of our service is to provide detailed and accurate financial records. We will deliver year end income and expense statements ensuring maximum deductions on tax returns, prepare new leases and renewals, manage rental collection, coordinate maintenance and repairs for the property as well as payment of all invoices, and provide electronic deposits to our clients. In addition, at the end of the year, we will provide and process IRS form 1099.
How are repairs and maintenance handled?
Part of our service is to coordinate all maintenance and repairs for your property as well as pay all invoices. Since we have been in business as long as we have, we have long standing relationships with many contractors and vendors in the area. This ensures that unexpected costs, as well as headaches, are kept down. In addition, every spring we will inspect and perform preventative maintenance as needed, as this will keep the property in top shape, increasing rents, renewals, and most importantly, your return on investment.We are also on call 24 hours a day. Part of our service is to ensure that you never get those late in the evening phone calls from tenants with an immediate issue that must be taken care of. Our clients always have the peace of mind to know that maintenance issues are corrected immediately and with minimal inconvenience. For our clients, being on call is simply a thing of the past
What sets you apart from the other property managers?
What sets you apart from the other property managers?
We have been in business since 2008, so we have been around long enough to know the real estate market in this area very well. We treat every home as if it were our own. We have worked extremely hard to establish a solid reputation in the community with multiple vendors and contractors, which leads to a better outcome for our clients.
We have also embraced technology while still giving our clients the individual attention that they deserve. We have an online portal for both tenants and property owners to quickly access their accounts. We have invested in online systems to show properties, help with maintenance, and even screen pets.
While we embrace technology to maximize efficiency, we never do it at the expense of losing that personal connection. Starting with our personalized rental market analysis, we know how important your rental property is to you and we never lose sight of providing outstanding service.
We know that hiring a property management company is a huge decision for a real estate investor. There are an endless number of questions to ask and factors to consider. We also know that there is no one in the area who will work harder or be better prepared to manage your property than us.