Questions to Ask Before Hiring A Property Management Company
Are you thinking about hiring a property manager to professionally manage your Portland Oregon Rental Property? If so, before moving forward with hiring a property manager there are a few questions that you should ask them to confirm that they are qualified to manage your property.
How Long Have You Been Managing Rental Properties?
In the last 5 years many people have started their own property management companies because of the obvious fact that in areas like Portland there is a need for property management but the experience of the property management team is also important.
Ideally, you should choose a company that’s been in business for more than 2 years because they will have sufficient experience and also plenty of references online for you to review.
Do You Have A Property Management Team?
Besides experience, you also want to choose a PDX property management company that has its own team that specialize in things like accounting, customer service and maintenance because one person can’t do everything.
If the property management company that you’re reviewing claims to have a team, you should specifically ask them if it’s a team of sub-contractors that they call when they need maintenance and repairs or if their team members are actually employees of the company.
What Fees Will I Have to Pay?
Last of all, but most important, during the process of interviewing a property management company you should also ask them about their fees.
Specifically, you should find out if you will be paying a percentage of the monthly rent (typically 10% to 12%) or a flat fee of $100 or more per month.
Some of the other questions to ask a property manager before hiring them include:
Will they provide you with a written contract? In today’s world a written contract is important because you shouldn’t be kept in the dark about their terms, conditions, fees. Once both parties are on the same page, you can have confidence in the duties that your manager will be performing for you and you’re not going to waste your property managers time with needles calls about their pricing, fees and or additional services that they offer.
How their company handle tenant funds? You should have a complete understanding of how your property management company will handle the security deposit and monthly rent payments from your tenants. There should also be a streamlined process for how thy are going to pay you as well just so there’s never a question concerning funds from your rental property.
Will There Be A Contract? If you’re required to sign a contract will you be able to cancel it at any time? Or will you be required to produce cause or the reason for informing your property management company that you plan on canceling your contract within 30-90 days.
How are repairs and maintenance handled? Does the property management company have a set system in place for dealing with repairs and maintenance? If so, how are they handled? Does the company have their own in house maintenance staff or are repairs farmed out to companies in the local area?
Contact Rent Portland Homes – Professionals
To learn more about what to look for in a property management company, or to speak with us about property management service for your Portland Oregon Rental Property, contact us at (503) 477-7735 or click here to connect with us online.