In the United States, more than 9.5 million homes are overseen by property management companies. But how many of those are managed by good property managers?
Finding the right property management company is essential to get your needed services. Owning rental investment properties can take up precious time if you're fielding calls for maintenance problems or fighting an eviction case in court.
A good property manager will take over finding the right tenants for your vacant properties, including a thorough tenant screening process. They'll also take over direct communication with your tenants, so you no longer have to.
Luckily there are ways to ensure you're hiring the right company. Here are five essential questions to ask before signing on the dotted line.
1. "Are You Licensed?"
Finding out whether or not the Atlanta property management company you're considering is licensed should be one of the first questions you ask them, especially if their license and accreditation information is unavailable on their website. This question is important because, to practice as a property manager in Atlanta, GA., the right licensing must be obtained before they can practice legally in the state.
2. "How Are Your Fees Structured?"
Most Atlanta property managers are paid through the rental income of their properties, but asking about their fee structure is wise. Some companies will have additional fees that they will charge to your account for specific property management services you require. Here are some examples of costs you may be assigned:
- Lease renewal fees
- Emergency on-call services
- Tenant finder's fees
- Eviction and court expenses
- Maintenance markups
3. "How Many Properties Do You Manage?"
Another essential question to ask your potential property manager is how many properties they currently manage. If they have too many rental properties they're overseeing, you may be left wondering if they can give your properties the attention they require. You want to avoid letting things slip on your rental because the company has too much on its plate to handle.
4. "How Do You Screen Tenants?"
If your rentals are vacant or a tenant is moving out, an excellent question to ask property management companies is how they screen tenants. Screening tenants is crucial to avoid renting to tenants who will cause you problems. A good screening process includes:
- Credit checks
- Rental history
- Eviction reports
- Criminal background checks
5. "Do You Have References?"
Finally, another valid question you can ask is whether they have references that you contact. A property management company in Atlanta with happy clients will happily pass along some contactable references.
When you contact them, however, ensure you ask them about their bad experiences along with their good ones. You want them to be completely honest so you can get the big picture.
Choose the Property Management Company Now
Hiring the right property management company is vital if you want to rest assured that your investment properties are in good hands. You want a property manager that can handle finding and screening tenants, rent collection, lease renewals, evictions, and more. If you ask these five questions in this article, you will find the right company for your needs.
Contact us today if you're in Atlanta, GA, and need a full-service property management company. We have experts waiting to assist with all your property management needs.