Finding the right property manager is critical to your success, so today we’re sharing five things that you should ask when you’re choosing a property manager in Bradenton, Sarasota or Lakewood Ranch.
How does the property manager find you the best tenant?
We believe 80 percent of your success depends on this one factor alone. It requires advertising to a population of rental prospects so you can choose the best of the bunch. You want a property manager who will spend some money on advertising and not just rely on free sites like Craigslist.
How will the manager protect your property?
Unnecessary maintenance expenses can really torpedo your rental income and cash flow. You want a property manager who will inspect the property upon move in and make careful notes, and document the condition with photos and video. Find out if they inspect periodically throughout the lease. Ask how they can be sure that a tenant is taking good care of the property and in compliance with the lease. You want someone who will take a proactive approach to maintenance and not wait for problems to occur.
How do they protect you?
If you get dragged into court, it will be costly and a waste of time, even if you win. You want a lease that’s drawn up by an attorney who specializes in Landlord Tenant law. You need the protection and rights you’re entitled to. A simplistic lease agreement will leave a lot up to interpretation. Look for a property manager who attends education sessions and stays up to date on all the latest legal changes.
How does the property manager minimize maintenance expenses?
This is a huge cash flow item. Ask if they are big enough to qualify for maintenance discounts from vendors. If so, do they pass along those discounts to you or do they mark up the maintenance and make money off your repairs?
Finally, do they belong to NARPM?
The National Association of Residential Property Managers is the only professional association specializing in single family homes and small multifamily rental units. These people are invested in the profession and they are always looking for educational opportunities.
These are just the first five questions you should ask a prospective property manager. If you’d like to know more about what to look for, please contact us at Sarasota Management & Leasing.