This is the second part in our blog series on what to look for in a property manager. In the first part, we talked about specific things to look for. Today, we’re talking about what to avoid when you’re looking for a manager to take care of your most valuable assets.
Property Management Salt Lake City: Experience
One of the most important things to watch out for is a new and inexperienced property manager. There are a lot of new companies popping up all the time, and many of them don’t last. Seek a company with a decade or two of experience doing business.
Property Management Salt Lake City: Fee Structure
It’s also a good idea to ask about fee structures. Most managers charge between 8 and 10 percent of the monthly rent. But, watch out for managers who will charge you even when no rent is coming in. You might find a manager who only charges 7 percent in management fees, but continues to collect that fee every month, even if they haven’t collected rent. This provides no incentive to keep your vacancy rate down. It’s a good idea to make sure a property manager doesn’t get paid until you do.
Rental Property Management and Maintenance
Choose a management company that is willing to deal with maintenance issues in a way that works for you. Some companies will spend money on repairs without notifying you. If you trust them, that may be acceptable to you. But, it’s a good idea to set a certain dollar amount and ask to be notified before any repairs are approved above that amount. Watch out for property managers who add an exorbitant fee on top of repair expenses. Some managers will add an additional 10 percent, but this does fluctuate from company to company. Watch out for that.
Rental Property Management and Technology
A good property management company is up to date with the latest software and technologies that can make them more efficient. Ask to see a sample of a report they run for their clients. If they cannot produce that through an automated system, you might want to keep looking. If they can produce an automated report, they will probably be efficient and accurate with their systems. It’s also important to make sure that they will give you a monthly statement with your rent payment in a timely manner.
Property Management Salt Lake City: Sensing a Good Fit
Watch out for a company that doesn’t visit your property regularly. Routine inspections are important and should be included. Also, you want to get to know them and how they interact with you. You want to get along well and have compatible personalities. That is sometimes the most important thing.
If you have any questions about interviewing property management companies, please contact us at Miller & Company Property Management. We would be happy to tell you more about Salt Lake City property management.