What Maintenance Am I Responsible For as a Landlord?.4 Things You Need To Do Right Now To Start Renting Your Property.Ready to Rent: A Checklist For Landlords.Steps To Take When Your Tenant Stops Paying Rent.How Do I Keep My Rental Property From Getting Destroyed By Tenants?.Top 10 Questions to ask a Property Management Company.What Kinds of Fees do Property Managers Charge?.How Much Does Property Management Cost? Is It Worth It?.What are the Tax Implications of Selling a Rental Property?.Should I Sell My Property or Rent it Out?.Ask for references of owners they have served for over a year, look for a firm that has appropriate legal counsel and check for any history of violations with the Virginia Division of Real Estate. When you hire a property manager, you are trusting someone with your valuable asset, rents, and tenant deposits. How do you ensure compliance and legal protection for your clients? Ask about their rent collection system, and the local codes and laws that apply to evictions. How do you avoid collection problems and evictions?Ĭlear policies, quick action, and a proven screening process, make all the difference. ![]() Ask if you are required to use their vendors or not. Ask how their approval and authorization process works for repair expenses. Ask the prospective property manager how often they do inspections. A responsible manager ensures that quality repairs are made in a timely fashion to make sure your landlord obligations are met and the tenants receives good customer service. Regular maintenance is a normal part of rental property management. How do you ensure my home is properly maintained? Discount managers can be costly when you uncover the hidden fees, and cut-rate management can come with a very high price tag. What additional fees will I be charged in addition to the management fee?Įxpect upfront pricing, and remember: you really do get what you pay for in property management. While the owner’s decisions can significantly impact vacancies (insisting on too-high rent, avoiding needed maintenance and upkeep), the answer can still tell you a lot about how aggressively they work to avoid costly vacancy days. How long, on average, does it take you to fill a vacancy? Expect regular email updates and a 24/7 online owner portal to view rents, maintenance, and all other property activities from wherever you are. This is really about technology-the backbone of successful property management. What processes, staff, and resources do they have in place? How quickly can you expect a return call or email when you have a question? How do I know what is happening with my rental property? While every property manager may make similar promises, ask how they plan to keep their commitments. Whom do I contact with questions and how quickly will you respond? An in-house, licensed attorney should be available to help ensure compliance and protect you from costly legal mistakes. Quality property management training and certification ensures that your property manager is following the best practices in the industry. While experience is critical, so is the quality of that experience. What training/certifications have you received? Look for experience managing many homes-not just “real estate” experience. It can take decades for a property manager to encounter all the issues that can arise, anticipate regulatory issues and avoid costly mistakes. ![]() You don’t want to be anyone’s guinea pig-demand experience. How long have you been managing residential rentals, and how many? ![]() ![]() This complex industry demands specific training and expertise, so avoid a jack-of-all-trades office that attempts to juggle real estate sales, property management, and other ventures. Is your company dedicated exclusively to property management?
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