Phoenix Property Management Questions All Landlords Should Ask
When you’re looking for property management services, there are a number of specific questions you should ask a property manager. Their answers will tell you whether that company is the right fit for you and your investment.
Successful Tenant Rates
First, a really important question is about tenants. Ask the property manager what their successful tenant rate is. A successful tenant is a tenant who pays rent on time and takes care of your property. They should be able to tell you what percentage of their tenants pay on time. The quality of tenant placed in your property directly affects your success as a rental property owner. There isn’t anything else that has a larger impact on your success than the tenant quality. You only want high quality, successful tenants.
While you’re discussing tenants, ask if you get to approve the tenant or if they just stick someone in your property without discussing it with you first. This is your property after all, and you are ultimately responsible for what happens there.
Ask your property manager about renewal rates. A higher renewal rate means a longer tenancy, which is good for you as a landlord. You will have less vacancy and a higher return on your investment. So always ask a property manager about their renewal rate.
Rents and Maintenance
Ask how soon their properties rent and what kind of advertising and marketing they do. Find out how aggressive are they in collecting rents and how responsive they are to maintenance calls. There is a direct relationship between tenants renewing their leases and a manager’s responsiveness to maintenance. Tenants who do not renew their lease usually do that because of residual feelings they have about maintenance not being handled properly.
When you’re interviewing management companies, ask these questions. If you’d like to hear more, please contact us at McMath Realty, and we’d be happy to share more tips and advice.