Property management is a competitive industry, and there are several firms in Dayton that provide end-to-end services for your rental real estate. If you are someone who wants to hire property management professionals, you must consider a company that best suits your requirements. However, given the number of options, it may be challenging to determine which firm you should choose.
As a landlord, you want a manager who is trustworthy and is completely transparent with you. One way to check if the Dayton property management company you are considering is the appropriate choice is by asking the right questions.
Here are a few questions that you can start with.
How much experience does the property management company have in the Dayton real estate industry?
Making sure your potential Dayton property handler has extensive experience in the field is crucial. This will help you verify if the company has been reliable for its past clients, has a good reputation, and is qualified to take care of all your concerns related to the asset. In addition, companies with a lot of experience, such as ManCo Property Services, know the real estate market in Dayton inside out and are able to offer you the best advice regarding your rental-related queries.
How many licensed professionals in real estate does the company employ?
In Ohio, professionals are required to have a real estate broker’s license to practice property management. A license and other certifications prove that the professionals have had extensive training and are legally eligible to manage rental properties.
What is the company’s area of expertise?
Certain companies are more capable of handling specific tasks than others. Some companies have great marketing skills, while others are unparalleled at providing maintenance and repair solutions. By asking this question, you can choose the organization that aligns with your chief aims.
In which counties and states does the company work?
Knowing if the organization has any additional branches in other regions of the state, other than Dayton, might help if you have multiple rental properties to manage. In addition, it also helps you get qualified information about potential investment properties in other states and/or counties.
How well and frequently does the company communicate with rental homeowners?
A good property management company must always maintain transparent and effective communication. Rental investment is a big undertaking and you need to know that your real estate manager is taking care of it properly.
Find out how regularly the company sends updates to asset owners about the market value, tenants, rent collection, maintenance, and other matters regarding their unit. If you see that the communication is sporadic or they have no proper system in place, steer clear. Choose a company that will give you in-depth insights about the state of your investment.
What is the management fee structure?
It is important to understand how much you will be paying for the management services. Asking this question helps you know the average monthly fee you will be charged for your unit. Several companies offer a flat rate, and some charge a percentage of the rental amount. It is important to understand the pricing structure so that you do not end up spending a major chunk of the rent on management fees.
What is the cancellation policy executed by the firm?
Before you sign the contract and pay the fees, you have to know about the cancellation policy. Conditions in a contract can be ambiguous and might end up costing you the entire flat fee amount. Ask about cancellation and refund policy before choosing a firm.
Is there a complaint redressal mechanism in place?
This will help you know if the firm will help you register a complaint against the concerned property manager, or if they offer options for early termination of your contract.
What is the duration of the contract?
Oftentimes, property management companies have contracts on a yearly basis. However, you can adjust that according to your convenience, with prior discussion.
How are property vacancies dealt with?
Property managers do their best to avoid vacant properties so they might make use of marketing and advertising strategies. Asking this question gives you an idea of their capability to find good tenants for your rental unit, as well as their advertising and marketing strategies.
Asking the right questions plays a vital role in hiring a qualified real estate management company. We hope these questions will help you narrow down your choices to a company you can trust unreservedly.
At ManCo Property Services, not only do we adhere to all these principles, we go above and beyond to serve our Dayton clientele better. Connect with us to discuss your property management requirements today!