The Charlotte property management company you choose to work with needs to be experienced, reputable, and reliable. You’re entering into a contract with a management partner who will be responsible for leasing, managing, and maintaining your largest investment. It’s important you can trust the team you’ll be working with.
Take your time and do some research. When you’ve narrowed your search to a handful of management companies, find out which communities they serve, what types of properties they manage, and whether their current and former customers have good things to say about them.
Then, schedule interviews. These five questions are great places to start your conversation.
How Will We Communicate?
Communication needs to be responsive and transparent. You cannot have a successful rental experience if your property manager isn’t answering your calls, your texts, or your emails.
Before you choose a management company, get an idea of how they will communicate with you. You’ll need to know which methods they prefer and how frequently you can expect to hear from them. This needs to be flexible and personalized. For example, if you’re an out of state investor in another time zone, online communication might be best. If you like the in-person meetings and phone calls, make sure your property manager is prepared to provide that, especially in a post-COVID business climate, when contact-free dealings are more popular and often preferred.
Discuss your expectations. Communication is an important part of your relationship, and you need to know how often you’ll hear from your property manager and in what format you can expect to have information shared and questions answered.
How Does the Leasing Process Work?
The leasing process covers everything from pricing your property correctly to marketing the home online to screening tenants and executing the lease. You’ll want to know what a property manager’s process is, and how they can guarantee that they’ll find you a high quality tenant quickly, and for the most amount of rent.
A company without a good leasing process has a high vacancy rate, places mediocre tenants, and doesn’t pay attention to the strength of the lease that’s signed. These are the companies to avoid.
How Will You Collect and Pay Rent?
You need to know how rent will be collected and how it will be paid to you. Find out when rent is due, how tenants are expected to pay the rent, and whether there is a grace period or any late fees when rent doesn’t come in on time. You also want to ask when you can expect to be paid. You’ll need to know if your payment will be deposited directly into your account or if you can expect to receive a check in the mail.
It’s also important that you receive an accounting statement every month, either online or in the mail. You want to be sure you’ll understand the income and expenses associated with your rental property.
How is Maintenance Handled?
Find out how your property manager handles routine and emergency maintenance. Are you going to be asked permission every time a $50 repair is needed, or is there a specific amount that will require your approval? Ask about vendors and whether they’re licensed and insured. You’ll want to know if there’s a mark-up on maintenance invoices and if a reserve is required. Ask about preventative maintenance, too. Are they available 24 hours a day for when tenants call with emergencies?
Do You Invest in Technology?
Charlotte property managers have more technology available to us than ever before. We can use software to track payments and automated systems to handle everything from marketing to leasing to inspections. This delivers a more effective and efficient management process. Ask if your property manager offers online portals. This will help you stay informed and connected.
These are just the five most common questions that we hear as professional Charlotte property managers, and the questions that we think you should ask. There are many more things to discuss before you hire someone to lease and manage your home. If you’d like to discuss this further, feel free to contact us at AM Realty. We’d love to tell you more.