5 Questions to Ask Before Hiring a Property Manager
1) Do you use a third party company to screen tenants?
Thoroughly screening prospective tenants is the most important step that a property manager can take to protect a property owner. Since this is a labor intensive task, to cut costs many companies outsource this responsibility to someone else.
At Bravo Group we do not use a third party company to pass or fail our applicants. Instead, we utilize our own screening process that is similar to that used by mortgage loan processors.
2) Are your vacant rentals marketed on MLS?
Many tenants use an agent to help find their next rental property. The MLS system is the primary tool that agents use to search for property because they know the homes they find there are professional managed and that they will be paid by the listing broker for procuring the tenant. Almost 50% of Bravo Group’s tenants are brought to us from outside agents. Don’t miss out on the benefits of this powerful tool.
3) Is there an agent present at all showings?
Some management companies will simply give out lockbox codes to prospective tenants over the phone and allow them to tour the property unsupervised. Bravo Group and other professional management companies want to have an agent accompany prospective tenants on every showing to protect the property and its owner.
4) Do you offer any guarantees?
Carefully consider what the property manager is guaranteeing. A company that guarantees a tenant within a specific timeline will benefit from placing ANY TENANT regardless of whether it is a good decision it is for the owner. Instead, look for guarantees that the tenant will stay for their lease term. Then, the property manager only benefits when placing a GOOD TENANT and making good decisions in the management of the property.
5) Are your lease agreements between the tenant and owner or between the tenant and the property manager?
Among the benefits of utilizing a professional management company is that they create a separation between you and the tenant and they reduce your liability. When you are listed on a lease agreement these benefits are removed or reduced. With Bravo Group, like other professional management companies, your management agreement assigns us the duties and responsibility of managing your property. You are still involved in the decisions regarding your property but you remain anonymous to the tenant and protected.