Wagner Realty
February
19
19
What to Look for in a Property Management Service
If you're looking for extra income or you want to lock in your retirement home, Sarasota homes for sale make a great investment. But what if you don't currently live within a convenient distance and want to rent out this space? Our real estate agents share their top tips on what to look for in a property management service.
- How much experience do they have?
A property management service wears many hats, ranging from screening agents to maintenance staff to accountants. Some of their activities, such as rent collection and eviction, call for a firm hand along with professional bearing. Look for a service that's been in business for several years, handling a variety of properties. - What marketing methods do they use?
In today's virtual marketplace, marketing revolves around social media. Make sure your property will be advertised on the company website, along with top platforms such as Facebook, Instagram and Zillow. In addition, marketing doesn't end once the listing is posted. Advertisements should be refreshed periodically to stay current and promote interest. - What is their screening and leasing process?
Thanks to technology, information on potential renters is more accessible than ever. At a minimum, property managers should run credit reports, background checks, and employment verification. It's also advisable to talk to past and present landlords, and personal references if so desired. Leases should have all the "i's" dotted and "t's" crossed, with details such as rights of entry, noise or activity restrictions, and pet regulations and fees spelled out in detail. - How do they handle maintenance and onsite emergencies?
Maintenance is a slippery slope. Once one or two areas are neglected, the rest follow in rapid succession. Make sure your property management service conducts regular inspections to catch any problems before they get out of hand. Many companies subcontract repair work, but if a service provides an in-house maintenance staff, review the pricing carefully. A 24-hour emergency hotline is mandatory for any good property manager. - Do they provide regular reporting?
Don't make the mistake of believing that your job is done once you hire a property management service. You owe it to yourself to monitor their performance and ensure it's up to the standards you bargained for. Vital documents include income and expense statements, current rent roll, up-to-date listings of vacancies and delinquencies, and annual budget. - What is their fee structure?
Of course, price is a significant deciding factor in hiring any type of service. Look for a company that fits within the intersection of your budget and your expectations. Fees are generally a percentage of your gross monthly rent, ranging from 12-18% based on the size of your property. Some property managers also charge a leasing fee upon renting a vacant unit, but this amount can often be folded into the rent.
Experienced and professional property managers are on hand at all of our offices, including ones conveniently located near Bradenton homes for sale. Learn more when you contact us at Wagner Realty.