Are you thinking about hiring a York property management company to help you manage your rental properties?
Before you start talking to potential property management companies in York, PA or the surrounding areas, you want to be prepared.
Entrusting someone else with managing your rental properties is a big deal. And, if you’re not careful, you could end up hiring the wrong property manager, and losing out on both time and money.
Whether you’re an accidental landlord that inherited a property, or are a committed landlord that wants to build a rental property business and achieve financial freedom, it’s important to pick a property management company that’s efficient, affordable, and has your best interests in mind at all times.
That’s why interviewing several property managers, and asking them all the same hard hitting questions, before you make a final decision, is the only way to go.
We’ve rounded up some of the best questions to ask any York property management company you’re considering hiring so you can be confident in your decision.
Top Questions to Ask Every York Property Management Company
1. What Services Do You Provide?
You want to make sure any York property management company that agrees to manage your rental property provides the right kind of services.
Search for a property manager that can market, lease, and manage your rental property.
This takes knowledge about the current housing market and experience in the real estate industry. And it also requires the resources needed to handle the day-to-day operations of your rental property.
If you want to take a hands-off approach and let your property manager do it all, look for a company that:
- Markets vacant rental properties using numerous channels
- Performs strict tenant screening and places only high-quality tenants
- Provides a no-obligation Rent Analysis of your property to ensure the best rent rate possible
- Conducts routine property inspections
- Maintains and repairs your property as needed
- Manages tenant complaints, non-payment of rent, and even evictions if necessary
- Handles paperwork related to your tenants and property, including regular financial statements
Not all York property management companies offer the same services. It’s crucial you hire someone that can take the hassle of managing your rental off your hands and generate you positive rental income.
2. What Kind of Properties Do You Manage?
You may not know this, but rental properties fall into four distinct categories:
- Residential: condominiums, cabins, apartments, housing units, single and multi-family residences, and townhomes
- Retail: grocery stores, boutiques, furniture stores, and other property used for selling products and services
- Commercial: hotels, hostels, warehouses, factories, restaurants, and offices
- Industrial: research facilities, manufacturing plants, and specialty warehouses
Finding a York property management company that has experience dealing with residential rental properties is the only way you’ll receive the best services for your money.
They’ll understand residential real estate, the current market, and the importance of having a trusted maintenance crew to make appropriate repairs when needed.
3. How Do You Use Technology?
These days it seems like everyone is on the tech train. When it comes to paying bills, shopping for groceries, or even talking to family and friends, technology is prevalent in the modern-day life.
And the truth is, even though there are some that prefer the “old school” way of doing things, more U.S adults than ever are looking to the Internet to help them make life easier.
In an attempt to stay up to date with technology, and give modern tenants what they want, you should look for a property management company that makes an effort to include technology in their business:
- Paperless accounting is good for the environment and is more organized, secure, and easy to access than traditional filing systems
- Online tenant portals for rent collection gives tenants a way to pay rent at any time, which reduces the number of late or missed payments
- Owner portals give you access to things like invoices, financial statements, and property information
- Maintenance requests made online or through 24-hour hotlines boost tenant satisfaction
- Websites with blog content to educate landlords like yourself on how to become successful
- Online advertising helps keep vacancies lower and reaches a wider tenant pool
- Communicating via text, email, and online contact forms help complement phone calls, written notifications, and in-person meetings
As you can see, there are many ways a property management company can integrate technology into their business and make you a more successful landlord.
4. Do You Have Any Guarantees in Place?
Guarantees are what protect you and your investment property. They also take the stress out of hiring a York property management company.
When interviewing potential property managers, it’s important you ask about any guarantees they have in place.
Here are some of the most common property management company guarantees you might come across while looking for a property manager to hire:
- Rent Payment Guarantee. If your tenant doesn’t pay their rent according to the lease agreement, you don’t have to pay the management fee for that month.
- Management Fee Guarantee. Your property management company may agree to match management fees that are lower than theirs to secure your business.
- Satisfaction Guarantee. If, for whatever reason, you are not 100% satisfied with the management service provided, you may be able to opt out of the signed contract with a 60-day notice, penalty-free.
- Response Guarantee. As a landlord, you want to maintain open communication with your tenants. And, you may be able to waive management fees if your property manager doesn’t respond to tenant calls, texts, or emails within a set amount of time. This could possibly include communication with you too.
- Rent Loss Protection Guarantee. If your tenant fails to pay rent, and is later evicted, you may still receive a check for the next 30-days’ worth of rent. This may also include a guarantee to cover any costs related to court disputes.
Of course, you can’t expect all property managers in York, PA to offer all these guarantees.
But, it’s good to know which guarantees are offered by reliable property management companies looking to exceed your expectations.
Additional questions you should always ask property management companies:
- How many rental properties do you currently manage and how many property managers do you have on staff?
- How do you screen for tenants, draft lease agreements, and determine monthly rent rates?
- Are there any other fees to be aware of besides the monthly management fees?
- How do you collect rent from tenants and pay property owners?
- How long do your properties usually stay vacant?
- Can you explain applicable landlord-tenant laws?
- What is your current tenant turnover rate?
- What kind of relationships do you have with local vendors and contractors?
- Do I have any input over what’s in lease agreements?
- Can you provide a list of references?
A large part of finding the right York property management company for you is asking the right questions. Handing over your investment property to someone else can be quite scary if you feel unsure about any part of their rental and management processes.
Take the time to outline the top questions you want to ask potential property managers so you can make an informed decision and feel comfortable about who you decide to hire. Better yet, contact York H-G Property Management today and see how we can help you manage the day-to-day operations of your rental properties.
With an understanding that your investment is important to you, and a dedication to helping you maximize your rental income, we help keep your tenants happy, protect your rental property, and make sure you get paid each month so you can sit back and reap the rewards of being a landlord.
Contact Us For A FREE Property Management Rental Quote & Determine What Your Property Will Rent For!