10 Questions to Ask When Hiring a Property Management Team for your Southeast Michigan Rental Home
Renters Warehouse Blog
Deciding to invest in real estate is becoming one of the most popular investment opportunities in the US. Not only is there value in equity, but each rental house can also be put to work paying off its own mortgage and covering its own expenses. With renters in residence, it's nearly an automatic income. Except, of course, for the need to monitor and maintain each property along with tenant communication and services.
That is why there are professional property managers who specialize in taking care of and renting out homes that belong to private homeowners. But which property manager is the right choice when your homes are in Southeast Michigan? Asking these ten questions to each property manager can help you quickly determine who is the right fit.
What is a Property Manager?
- Maintains Rental Properties
- Handles Tenant Communication
- Takes Care of Tenant-Requested Repairs
- Sources and Verifies New Tenant Applicants
1) How Long Have You Been a Property Manager?
Years of experience is crucial for property managers. While young managers are great, there is a great deal of value in working with someone who has been in the business long-term. The longer a team has been managing properties, the greater variety of maintenance disasters, trouble tenants, and market fluctuations they have seen. And the greater number of working solutions they have come up with.
2) Do You Have Experience with Property Like Mine?
It's important to ask if your property manager knows how to manage a home like the one you are investing in. This can matter a great deal in your renting success. You want a property manager who has personal experience with your kind of property both for tenant turnover and year-round maintenance.
3) Do You Know How to Handle Michigan Storms?
Speaking of maintenance, the weather in Michigan is no joke. Here in Southeast Michigan, you need a property manager who knows how to batten down the hatches. Really, you need someone with experience in Michigan who can help tenants prepare for a storm and then handle post-storm repairs without hassle or fanfare during the year.
4) What Certifications or Licenses Do You Have?
There are a number of different certifications that work well with property management including real estate brokers and maintenance inspectors. The primary certification is a CPM or Certified Property Manager. This indicates that your property manager and/or their team has been certified and educated in accordance with the IREM or Institute of Real Estate Management.
5) Who is Your Team for Repairs or Services?
The next thing you want to know is who your property manager will call when work needs to be done. Most property managers have a network of field service teams, in-house mechanics, and on-call services to help them keep each managed property in top condition. Naturally, you'll want to know who your property manager will call because their choice becomes your choice for investment home care.
6) How Do You Send Reports to Landlords?
Report sharing is also majorly important. Your property manager will be sending you a variety of reports including inspection results, tenant reports, rent accounting, and invoices. So you'll want a property manager who sends these reports in an interactive and easy-to-read fashion.
7) How Do You Screen Tenants?
Most property management services will not only handle the property and interact with tenants for you, they will also help you to source new tenants after the previous family moves out. Ask your property manager how they find and screen tenants before presenting you with a vetted list of potential new tenants to choose from.
8) How Do You Handle Tenant Repairs or Emergencies?
Your property manager should have an approved process for accepting and then handling repairs requested by a tenant. Ask to hear what that process is, along with your property manager's response when tenants call with an emergency.
9) What Services Are Included in Property Management?
Not all property management deals are the same. Some management teams offer more per month and per property than their competitors. Ask your property manager what additional services they offer on top of basic property maintenance and tenant care. This may include better communication, more comprehensive turnover services, or even marketing assistance.
10) How Would You Manage My Rental Property?
Finally, ask if your property manager has a personal vision for your property. Each property manager will answer this question differently and the results can help you determine which is best to help you manage your Southeast Michigan rental home.
Property management is an incredibly useful service for modern investment homeowners. If you own a home that you'd like to rent out, or are planning on investing in rental property, contact us today! Our property management team can make landlordship a breeze by taking care of the day-to-day concerns so you can focus on your own matters. For more information, contact us today!
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