Owning real estate rentals can be financially rewarding and requires serious commitment of your time and effort. If you decide to hire a property management company to manage your rentals, Creekbend Property Management, a well established Charleston, South Carolina property management company, knows how important your investment is and the level of service you expect.
Here are some of the questions provided by Creekbend Property Management that you should be asking prospective property management companies:
How many properties or units are they managing and how many employees assist in managing the properties?
A good property manager with the right tools can manage between 30-40 units without employees.
Does the property manager own rental properties themselves or sell real estate?
You want to make sure there is no “conflict of interest.”
How often will they conduct a formal inspection of properties?
A good property manager will include formal inspections as part of their commitment to the investors/owner. Be aware of property management companies who charge a fee for routine property inspections.
Is the prospective property manager a good listener?
The best managers are those who know who their clients are, who listen to their needs, and are constantly looking for ways to make sure clients are happy.
What type of property management software system are they using?
A good property manager will use software to improve management efficiency. During the interview with the prospective property manager ask if they use software and can provide samples of reports.
What is the charge for managing your properties?
Most property managers charge between 7% and 10% of the rents for managing your properties. Be sure you know what that percentage is based on.
How will the property manager address maintenance issues?
Most property managers will make maintenance decisions up to $250 without obtaining authorization from the client to ensure issues being resolved quickly for the tenant. Keeping tenants happy and retaining tenants should be a priority.
Will the property manager commit to providing reports and your portion of the rents no later than the 10th-15th day of each month?
You want to make sure you are on the same page as the property manager as well as on the same schedule! A good property manager will have this in the management agreement.
Most importantly, the prospective property managers should be ready, willing and able to act to the benefit of the property owner to resolve any issues quickly and efficiently.
Creekbend Property Management is located in Charleston, SC specializing in rental properties in downtown Charleston, James Island, Isle of Palms, Johns Island, Kiawah, Mt. Pleasant, Summerville, Goose Creek, Moncks Corner, North Charleston, and West Ashley. We are licensed and insured, providing leasing services, management services, maintenance, and most importantly; giving our property investors peace of mind!