Deciding to hire a professional property management company to care for your King County investment property is the best first step you can take to a successful rental experience. The next step is choosing the right company.
There are some important questions you should always ask a potential property manager before signing a management contract.
King County Property Management Costs
One of the first questions most property owners ask is – how much will professional management cost? You can usually find property management fees online when you look at a company’s website, but even if you know how their cost structure looks, you still want to have an open and transparent discussion about the expenses that will be associated with the management of your property. Ask about leasing or tenant placement fees, and find out if there are any additional fees you might not know about up front.
Ask About Experience
Experience is important when you’re looking for professional property management. You want to work with a company that knows the local market and understands the real estate trends and tenant demands. You also want a team of property managers who understand your particular property. If you own a duplex, for example, or several units in an apartment building, working with a company that specializes in single-family homes doesn’t make much sense.
Talk About Evictions
No one likes to think about evictions, but you need to know what your property manager’s plan is for removing tenants who aren’t paying rent or following the terms of the lease. The eviction process in Washington State can be complicated, so you’ll need someone who understands the requirements and the courts. Remember, it’s a good idea to work with a property manager who knows how to evict, but you don’t want to choose a company with a high eviction rate. That might indicate that they don’t have a great screening process.
Ask how Technology is Used to Maximize Efficiency
You need a management company that utilizes technology. It supports effective and automated processes. Find out what the property management does to utilize the technology that’s available. You specifically want to know if tenants can pay rent online and if you’ll be paid electronically. You’ll want to know if you receive a statement and if your rental listing will be syndicated to popular rental sites when the home is being marketed. Ask how technology and portals facilitate better communication and track maintenance.
What Sets People’s Real Estate & Property Management Apart from Others?
Always ask a property manager why you should work with them instead of other companies. Ask what sets them apart from their competition and how they provide better services. Talk about reputation and what other customers have found about what it’s like to work with the company. Look for evidence of employee turnover, and find out how long owners and investors typically stay with that property management company.
We’re happy to answer all these questions, and there’s more we can recommend when you’re seeking a qualified Kent, Tacoma, Seattle, Renton property management company. Contact us at People’s Real Estate & Property Management.