Hiring a property management company can be extremely stressful especially if you don't know what to look for. In order to maximize your success in finding the right Crestview property manager for you, you should look into the following:
Reviews & Reputation
A property management company's reputation and reviews are so important and gives you a ton of insight into how they operate their business. You will see reviews from Owners, Tenants, and even Vendors. Some common Owner pain points are responsiveness, communication, and execution. Some Owners have to wait days or even weeks to receive a response or have a request completed. Even worse, your Tenants will vacate your property and you won't even be notified until you don't receive a payment for the next month! It's very important to look into reviews and see what is a common occurrence and if you should or shouldn't hire that property management company.
Vacancy rate
A vacancy rate is an important measure that all Crestview property managers should be tracking. The formula for this rate is # of vacant properties x100 divided by the total number of units. Ex: 40 vacant properties x 100 = 400 divided by 400 properties = 10% vacancy rate. This factor is important because it shows the property managers' ability to fill homes with qualified Tenants. A vacancy rate of 20% or more is a key indicator that the property manager is doing something wrong.
Delinquency rate
The delinquency rate is also a very important measure that all rental companies should be looking at. A delinquency rate is a percentage of Tenants that paid vs didn't pay their rent. If your Tenants don't pay your rent, then you don't get paid. This rate shows the level of effort the property management company goes through to ensure they pay. At Kuntz Property Group, we collect over 99.5% of rents and don't get paid unless you do too.
Now, here are some questions you should be asking your potential Crestview property manager:
How long will it take to rent out my home?
This is a super common question and should be answered. Now, the answer isn't definite and can change depending on location, size of house, and type of house. However, as long as it is priced and marketed correctly, it should rent within 45 days with no questions asked. To ensure this happens, your property management company should be using high quality photos, signage, and online advertising. We understand that when your property is empty, it's a very scary time, which is why we provide our Owners with a customized weekly listing report that shows the number of leads, showings, and feedback from people who viewed your home. To see how we would market your home, visit here.
What are your processes and procedures for managing a rental property like mine?
A property management company's processes and procedures are extremely important. It dictates how they will onboard and communicate with you. It also shows how they will rent your property out and deal with maintenance issues. Knowing how your property management company operates is extremely important with what you can expect from their service.
What are your Owner fees
This is another super important question and should be answered. The different types of property management companies fees can be monthly management fees, maintenance over sight fees, lease procurement fees, renewal fees, and many other types of fees. The main fee is the monthly property management fee which is typically a percentage of the gross rent. Other fees like the lease procurement and renewal fees range from flat based to percentage based. See our pricing here.
When consulting with a prospective property manager, the above items are extremely important to look into and ask before pulling the trigger.
Want to setup a free consultation and learn more? You can do it here.
