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3 Questions to Ask Potential Property Management Companies

Having a great property manager makes taking care of your rental property easier. It frees up your time so you can focus on other tasks and keeps you out of the sometimes trying process of screening and dealing with tenants. Find the right company to help you with rental management in Arvada by asking the right questions to learn how they do business.
 

How Do You Communicate With Owners?

Communication is important in any relationship, and your relationship with your property manager is no different. You’re putting your investment in this person’s hands and want about what’s going on with the property. Ask questions about how and how often they contact clients. Weekly? Monthly? Only when there’s a problem?
 
It’s just as important to know how the company stays in touch with its clients. Some people prefer email and text communication because it gives them documentation of the conversation. Others want to talk over the phone or in person. In that case, you need to know if you’ll have a direct line to the person managing your property or will go through a receptionist?
 

How Do You Set Rent Amounts?

Figuring out how much to charge tenants for rent is one of the most important steps any landlord takes. However, setting the rent requires more effort than tacking on a few hundred dollars to your monthly mortgage payment to cover maintenance. Rental rates reflect several factors, including the property’s value, maintenance costs and rent control laws in certain states.
 
As a real estate professional, your property manager should do a comparative market analysis. This analysis shows the value of the property, the added value of the property’s amenities and the range of rent amounts in the neighborhood. The property manager should then use this information to set the rent amount in the sweet spot that makes it competitive with other properties in the area.
 

What Is Your Screening Process for Tenants?

You can’t make money from your rental property without tenants, but bad tenants can actually cost you money if they fail to pay their rent or leave behind damage. Ask about the process the property management company uses to screen tenants. At the very least, the company should verify tenants’ employment and verify their credit history before handing over the keys.
 
Don’t be afraid to dig deeper into this process. Do they have a pre-screening interview or only an application that everyone completes? If they ask for references from employers and previous landlords, do they actually call them? Will they run background checks? Do they try to match tenants with specific properties?
 
A great property manager can transform your rental property business. At Woodruff Property Management, we know what it takes to be successful in rental management in Arvada. Call us today to learn more about our services and how we can make your life as a real estate investor easier.