There’s a good chance the thought of getting a good property management company has crossed your mind as an investor in Greenville with multiple property investments who are also holding down a career.
Hiring a good management company in Greenville can save you some money but the question is how do you screen for a good management company? The most effective way to go about this is to get in touch with several management companies and interview them.
This way you’ll be able to explore your options and find out which company is in the best position to get the job done. There are several important questions you should ask any management company you’ll be screening.
Here are some vital questions you should consider asking a property management company:
1. How many years of experience do they have?
It is very vital that you get a good property management company in Greenville with enough experience in the industry to drive home positive results. In most cases, more is always better because a company with 5 to 10 years of experience is believed to be able to bring in more positive results than companies with less than 2 years of experience.
Nevertheless, don’t base your decisions only on the number of years a company has been in existence, because in some cases, the number of years a property management company has been in the business doesn’t correlate with how good they’re in managing rental homes and maximizing ROI for homeowners.
2. Are they Local?
This is arguably one of the most important factors you should consider while hiring a property management company. If your property manager is local they will have a better understanding of your market and provide better advice and recommendations on ways to make your property more profitable.
When screening for a good property management company in Greenville, make sure they are local as that will save you lots of headaches in the long run.
3. How do they take care of current clients?
Most of the time, a property management company is usually mistaken to have much experience and provide better service by the number of units they manage. While this is true sometimes, it might not serve you well if you fail to do your own research.
When screening for a good property management company in Greenville, it is recommended that you do your due diligence and find out how they take care of their current clients and properties. This will enable you to know how you and your properties will be handled when you hire them.
4. What is their advertisement policy?
You must be sure that they can get a quality tenant to fill your vacant property by carrying out strategic advertisements. Don’t just assume that they know how to go about it, be sure about their methods. There are reliable platforms that can get quality people to fill your vacant property in a very short time.
5. How often do you carry out routine inspections?
If any management company does not pass this phase of screening, do not take your chances with them because they possibly won’t handle every other aspect well.
A good property management company in Greenville should be able to carry out property routine inspection at least 4 times in one year. Exceptions may be in cases where they have well over a thousand units to take care of. This is also one of the major reasons why a company that combines real estate sales and property management is not a good idea to go with because they hardly have time to run property inspections.
Property inspection by a management company should take note of uncovered issues like finding trash in areas where they aren’t meant to be or parking of unauthorized vehicles at the property, things that need to be removed or disposed of as the case may be. All of these should be put into consideration by the company when carrying out inspection
6. What is their accountability policy?
Besides checking to know how often they carry out inspections on your property, you should be sure that they are accountable. As a landlord, you should be informed about any development as well as receive a comprehensive report on a regular basis.
It is your right to know how well your property is faring and demanding a consistent transparent report is not too much to ask any property management company in Greenville.
Your property manager should be able to provide you with a report on maintenance fees, background checks on new tenants, updates on new tenants, and more.
7. Do they have any hidden charges?
This is where you have to intensify the screening process if you want to get a good manager in Greenville. Some companies don’t tell of other fees that are charged alongside their services of managing your property.
Common service fees that management companies in Greenville will charge you for include: adverts, accounting, tenant turn-over, serving of notice to tenants, management of property when vacant, property photographs, property setup, showing of property to tenants, and so on.
All of these fees should be spelled out when screening a management company. If you however have a feeling that the company is not being transparent with their charges, you may need to screen another company to do the job.
8. Do they screen tenants and how do they manage late payments?
The quality of tenants in your property is determined by how they got into your property in the first instance. There should be a solid system of vetting tenants. This should include ensuring the tenant has a good tenant history and on-time payment rates.
When it comes to late payment as well, your manager should be experienced in eviction laws and their procedures backed with a strong property management policy.
9. Do they specialize in a unique property class?
Property management specialization should not get past your radar when screening for a good property management company in Greenville.
If you have a single-family home that you need to manage and the management company you are talking to only specialize in managing retail centers, you might have to look for another company.
Furthermore, there are slight differences in a property that can alter the productivity of your manager. Take for instance, a management company that has 41 units of condos under their management, that does not mean they’ll be able to manage a single-family home.
Lastly, working with a property management company that combines property management and real estate sales is not advisable because of the workload they will have. This can lead to them not taking proper good care of your properties which will leave you and your tenants unsatisfied.
When screening for a good management company in Greenville, be sure to empty your quiver on the company you are interviewing. This will ensure you don’t make risky moves and save you a lot of future expenses.
With a good company to manage your property, having the right property operation enhancement skill, you can be spared from suffering money loss and avoidable damages.
If you think there are additional questions you could throw at a property management company that would help you get more information, you shouldn’t hesitate to ask but we assure you that the screening questions provided above will get you a good management company in Greenville.
If you’re currently in the market sourcing for the best property management company in Greenville to effectively manage your properties and maximize your return on property investment, kindly Book a free consultation with one of our expert property manager or call: 864-400-0808
We provide comprehensive property management solutions to local homeowners and property investors in Greenville. Helping them to maximize their rental income while keeping the tenants satisfied.