Many homeowners invest a lot of time and effort deliberately researching property markets and neighborhoods when buying a home. They disregard the role a property manager can play in protecting their property’s capital value and maximizing the owner’s income when it comes time to lease out the home.
Landlords tend to pick their property management company based on management fee alone. We have compiled a list of questions landlords should ask when hiring a property management company.
When hiring a property manager make sure they have a long proven track record of managing properties.
Look for a sense of mission in your discussion instead of a litany of tasks.
Are there any fees? And what is the policy to terminate services?
Examples: legal representation, communication costs, fees for attending HOA meetings, costs for obtaining additional estimates, lease renewals.
Both Property Manger and the Management Company should be licensed with the state of Texas and should be members of some of the following organizations: IREM, NAPRM, Texas Realtors
This will tell you their vacancy rate and if it’s in line with the local market.
Someone should be available 24/7 to handle all maintenance requests. Tenant negligence should be paid for by the tenant and not the owner.
Most tenants are given a grace period of 3-5 days. Therefore, a trustworthy property management company will send owner proceeds before the 10th of the Mont.
This will save you time and hassle. Most direct deposits take 1-2 business days for funds to appear in your bank account.
Late rent payments should be tracked. The eviction process should be explained and the company should be using the process in action.
Flat fees from 75% to 100% of the first month’s rent is common.
Errors and omissions insurance and general liability at a minimum .
A good property management company that has been in business for a few years should be able to provide success stories.
We’re here to help you with all of your property management needs. Contact us today at 713.972-1222 or visit our website www.areatexas.com