Finding the right Lake Stevens property manager requires you to do a little research into various companies so you can get to know the type of management services they provide. Part of your process should be interviews, in which you call or meet with potential property managers to better understand their experience and communication style.
When you interview property managers, you should feel empowered to ask any questions that you might have. Make sure you don’t miss these 5 essential first questions.
- Ask About the Lake Stevens Leasing Process
You’ll need to know how a property manager leases your home to high-quality tenants. You’re looking for someone who can demonstrate that they’re able to limit your vacancy time and help you earn as much rent as possible.
You’ll want to know how they establish a rental value for your home. Discuss how long it may take to rent your property out, and what tools are used for marketing and advertising. While you’re asking about leasing, you should also inquire about the screening process and the lease agreement.
A good property manager will be excited to tell you about their procedure for leasing properties. They should be able to demonstrate that they have successfully rented great homes to great tenants throughout their career.
- Ask About the Lake Stevens Property Management Process
Once a qualified tenant is placed in your property, you’ll want to know how a property management company takes care of the day-to-day business. You should talk about rent collection and lease enforcement. Find out if there’s a late fee for overdue rental payments. You’ll want to talk about routine and emergency maintenance, and find out if someone is available to take repair calls 24 hours a day.
Talk about inspections and ask about communication and transparency. You’ll want to know that your property is going to be in good hands and that your property managers are responsive and accessible. You’re looking for assurances that your manager will be responsive and available to you and your tenants. A good property manager will protect your investment and effectively manage the relationship with your tenant.
- Ask About Legal Knowledge
There are a lot of laws and regulations associated with renting out a property, and these days evictions are especially difficult to manage. You need to ask your property manager how they keep up with all the new legal requirements. Find out what they know about the fair housing laws and how they maintain compliance. Ask how their management practices have changed since the COVID-19 pandemic.
Discuss any potential legislative changes that may impact you as an investor and find out how your property manager stays current in their profession. You’re looking for evidence of continuing education and professional development.
- Ask About Accounting Statements and Technology
A modern Lake Stevens property management companies should use software that’s designed specifically for rental management. Technology helps keep costs down and also protects you with outstanding documentation. You and your tenants should have portals so you can keep up on the things going on with your home. Accounting statements should be readily available and accurate. Transparency is critical, and you want to know you’ll always be able to see the income and expenses associated with your investment.
- Ask About Lake Stevens Property Management Fees
You can probably guess what the most frequently asked question is. How much do your services cost? We know this is a popular question, and if you haven’t been able to find fee information on the company’s website or other marketing materials, it’s fair to ask. You want to know what you’ll be paying and what kind of value you’ll receive for that money.
These are just a few of the questions to get you started as you’re looking for a Lake Stevens property management company. If you need additional help or you’d like to hear our answers, please contact us at Real Estate Gladiators.