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10 Questions Investors Should Ask before Hiring a Cleveland Property Manager

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When you’re looking for Cleveland property management, it’s important that you find a reputable and reliable leader in the industry and the local market. We recommend that you first conduct a little research online. Once you find a few companies that seem like strong contenders, contact them for an informal chat. They should be able to answer these 10 questions.

How long have you been managing properties like mine?

Experience is important, and many management companies will be anxious to tell you how long they’ve been in business or how many years of experience their property managers have. All of this is great, but what you really want to know is whether they have experience with properties like yours. Do they specialize in investment properties? Do they own any themselves?

What are the ways we communicate?

Communication is critical and with technology, it’s easier than ever today. There’s no excuse for a property manager not being available to you. But, it’s important to set expectations early. So, find out how frequently they’ll communicate and which platforms they’ll use. Will they call or text or send an email? Make sure your preferred method and frequency of communication is compatible with what the property managers have planned.

How do you market vacant listings?

Avoiding vacancy is important, and you want to be sure your home is going to be rented quickly to excellent residents and for the most money possible. Find out how they advertise vacant homes, and which online rental sites are used to list your property.

How do you select tenants for my property?

Discuss the tenant screening process and the application procedures that the management company follows. It’s important that prospective tenants are being screened thoroughly and consistently.

How do you stay current on laws and best practices?

This is an important question because the laws are always changing and you want to be sure your property management team has access to the best resources and tools. Look for a management company that belongs to professional associations like National Association of Residential Property Managers (NARPM), where they can get a lot of training and support.

What’s your process for maintaining my home?

Some management companies have in-house maintenance personnel and others outsource the work to local vendors and contractors. There’s no one way to do it, just make sure you understand the maintenance process. Ask how long it typically takes to complete a minor repair or a major project.

What is your rent collection policy?

You want to know how rent is collected, and perhaps even more importantly – you want to know when and how it’s paid to you. Most management companies will pay via direct deposit so you’re not stuck waiting for a check. Ask about late fees and other consequences for late rental payments.

Can I view my account online?

Technology is an important way to deliver property management services efficiently and effectively. You want a management company that’s willing to invest in technology and provide things like online owner portals, where you can log in and see rental payments, maintenance requests, and outstanding invoices. You should be able to access accounting statements and financial reports whenever you need them.

What if my tenant doesn’t pay rent?

A lot of landlords worry about eviction. Your property manager should have experience filing evictions, and you should feel comfortable that if your tenant stops paying, he or she will be removed and replaced with a tenant who follows the terms of the lease.

Are there any additional fees you aren’t telling me about?

pexels photo 567633Every property management company has a different procedure for billing. It’s important that they’re transparent and you know what you’re paying for, and how that money will be collected.

We’d love to answer some of these questions for you ourselves. Please contact us at RE/MAX Haven to find out what it would be like to work with our talented property management team.

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