Most self-managing property owners are keenly interested in the care and management of their properties. Whether you own one rental home or multiple, no doubt you take the time to hand-select each tenant, carefully craft your maintenance team, and monitor a variety of other responsibilities that go along with owning a rental property. So it's no surprise that you want to use that same caution when selecting a property manager to take over maintaining each house for you.
The choice of property manager is an important one. Not only do you need a person or team who is familiar with the Richmond, VA area, but you also need someone you are comfortable working with and who understands your priorities as a landlord. The best way to do that is to ask the right questions before you shake hands and close the deal. Here are ten crucial questions to help you determine the best property managers for your properties:
10 Questions to Ask Your New Property Manager:
1. How Long Have You Been Managing Properties in Richmond, Virginia?
Experience matters a lot in real estate. Every city has a unique housing market with its own style of housing, maintenance needs, and tenant trends. Naturally, you want a property manager who has years of experience managing properties in Richmond Virginia with a long history of happy landlords and tenants in their career history.
2. Do You Have a Relationship with Local Home Service Teams?
Property managers often have a strong relationship with local services who handle home maintenance and repairs.
3. Are You Familiar with Tenant's Customary Yearly Maintenance Needs?
Richmond is just far south enough to have sweltering hot summers and just far north enough to get a lovely coat of snow in the winter. Your property manager will need to be ready to handle the tenant calls that result from extreme temperatures like overtaxed HVAC and plumbing concerns.
4. What is Does Your Turnover Process Look Like?
Turnover takes place when a tenant moves out and the home must be cleaned, repaired and prepped for the next tenant. Every property management team does this a little differently. Ask to find out how your property manager tackles the turnover process.
5. How Do You Find and Screen Tenants?
One great service a property manager can offer is tenant sourcing and screening. Ask how your management team will market your properties, collect applications, and go through the screening process to select a new tenant.
6. Will You Use My Preferred Lease Terms?
Most property managers have a standard lease they prefer to use for all homes. Talk to your property manager about adapting your leases to suit their style while still including the terms that matter most to you.
7. How Do You Handle Tenant Maintenance Requests?
When a tenant calls in for maintenance, repairs, or simple inquiries, you want to know how your property manager will respond. Ask how quickly they can provide repairs and how they normally communicate with tenants who make requests.
8. Are You Available 24/7 For Emergencies?
It's important that a property management service be available at all hours, just in case your tenants experience a home emergency. Ask if your property manager accepts calls 24/7 so you, the landlord, are not responsible for such instances.
9. How Do You Stay In Touch with Landlords?
Communication is key between property managers and landlords. Naturally, you want to be kept in the loop on the condition and rental status of each home. Ask your property manager how they will give reports, receive instructions, and generally stay in touch during your joint venture.
10. How Would You Recommend Managing My Richmond Properties?
Finally, you can get a real feel for your property manager's approach by asking what their vision is for your Richmond, Virginia properties. They have been in the business for years and have quality experience in the industry regarding what will and won't be best for your property.
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Finding the perfect property manager for your rental homes is not as hard as it sounds. Once you have met a team that you like, make sure to ask these questions to give yourself an idea of how happy you will be to work together and how effective they will be at managing your rental properties. For more great tips or to get in contact with enthusiastic local RVA property managers, contact us today!
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