Hi I’m Yuriy Skripnichenko with Trustart Realty,
One thing you need to consider if you own a rental property.Are you going to self-manage that property, or will you hire a professional property manager to do it for you?
It’s a fair question to ask yourself, so here are a few questions to ask so you can make sure that you are finding the right property management for your needs.
How long are your properties typically vacant?
Rental properties don’t make money if there is no one paying rent, which makes vacant properties a major problem. Be sure to ask any property manager that you talk to about how long they have vacancies. If they offer a vague answer or one that’s above average, then it may be time to look elsewhere.
How do you market available units?
A “For Rent” sign in the window isn’t enough anymore. Your property manager in should work hard and effectively to ensure that your property is rented out. This means that your property manager should know how to effectively market the properties, and they should understand which platforms will get the right kind of applicants. And those platforms change per location or market
What do you screen for your applicants?
A proper screening process must be written and publicly available.It is the difference between a long-term, reliable tenant and a property that drops in value in a few short months. Always, always ask about the screening process that your property manager uses. If you feel it is sufficient, then they may be the one to use. If you find the process lacking, then look for a property manager who screens properly.
Do you offer an eviction warranty and or any other types of warranties?
If your property manager markets and screens an applicant, you shouldn’t be on the hook if the client falls through. These days, many property managers offer what is called an “eviction warranty” or “screening guarantee.” This is a way to ensure that you aren’t paying the price for any property manager that ends up picking bad tenants.
How do you track incoming resident maintenance requests and the work orders?
A software solution should be in place here. You want to find a manager with a system that does not allow maintenance requests to fall through the cracks and require multiple tenant requests before the work is done. Ideally, tenants should be able to submit maintenance requests online.
What are your fees and cancellation policy?
Last but not least, always ask your property manager in Philadelphia about the fees, including any hidden fees, along with a cancellation policy. Think about your budget before you ask this question so you will be able to identify whether the amount is good for your situation or not.
With the right property manager, you can turn your rentals into consistently profitable enterprises with almost no effort.