Like any other job, the surest way to hire the best property manager for your rental home is to interview each candidate on your list. But what exactly should you ask them?
Here are five home rental management topics we believe landlords should clarify with potential hires before signing a contract.
- How Are Maintenance Requests Handled?
- Who Takes Care Of Rent Collection?
- What Is Your Tenant Retention Rate?
- What Are Your Property Management Fees?
- How Many Home Rentals Do You Manage?
1. Who Takes Care Of Maintenance Requests?
There is no single standard for handling the maintenance work on a house rental. However, the most critical aspect to verify is that maintenance is performed by people with the certification needed to do it.
Quality property managers also conduct regular inspections to catch problems early.
We have a convenient online tenant portal where your renters can submit maintenance requests quickly instead of neglecting needed repairs.
2. Who Takes Care Of Rent Collection?
Ideally, you should find a property management company that requires tenants to pay online. This method isn’t just convenient for everyone involved. It’s proven to be a sure-fire way to achieve a near 100% collection rate.
How the landlord receives rent once it’s collected is another matter entirely. Each landlord has preferences for how they want rent transferred into their bank account, like direct deposit or physical checks.
Be sure to tell potential hires what your preferences are and verify that they can accommodate them.
3. What Are Their Tenant Retention Rates?
Generally speaking, the longer the average tenant occupancy is, the better the property management company. Look for a lease renewal rate at or above 80%. Meeting both of these milestones shows that the candidate is doing a good job keeping tenants happy.
We are proud of our high retention rates and convenient property owner services.
4. What Property Management Fees Do They Charge?
The amount of extra fees you’ll find on your bill depends on how much you want the property manager to do, in addition to what they usually offer. These additional fees can be for maintenance, new tenant placement, evictions, or vacancies.
Discuss these extra fees with potential property supervisors to make sure you understand them fully. Also, take time to weigh value against cost before signing on the dotted line.
5. Check The Number Of Home Rentals They Manage
Asking for this information helps you gauge the size of the manager’s business and workload. Too few properties in their portfolio can signal inexperience or poor service. Conversely, if they have too many house rentals, you can easily get lost in the shuffle.
Get In Touch With A Denver Property Management Company Today
It’s essential to ask all questions before hiring a property manager, not just the ones mentioned here. By the end of the interview process, you should find a company that can maintain, market, and lease your rental for a price that fits your budget.
Contact Cobalt Creek Property Management today for professional Denver rental property managers ready to rent your house out.