Finding the right property manager for your property in Cary can be a difficult task, but it's still very important if you want to maximize your income from that property. Finding the right property management company will not only help you to earn better, it will also give you peace of mind, knowing that your house is in the right hands. It's important then to ask any potential property manager a few questions, in order to determine if he or she will be the right choice for your property.
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10 Questions To Ask A Cary Property Manager:
There are surely hundreds of possible questions to ask, but there are definitely a select few that are essential in knowing the answers to. Since we are concerned about maximizing your income from your investment, we will focus on the 10 most important questions to ask, and they are as follows.
1. What Constitutes Your Management Package?
This one is a great first question to ask. What you are looking for is a management package, and if the property manager or management company in Cary, doesn't offer one or two core services that you need, then you may have to find a different provider. Important services should include the collection of rent, periodic inspections, handling maintenance and repairs, managing problematic tenants and providing you with periodic financial statements.
2. How Often Do You Communicate?
Communication is another important aspect of a good business relationship with a property manager. You could own a property in Cary, North Carolina for example, but live in California. This means you will need to hire a Cary property management company to take care of your property and to keep you updated, preferably on a monthly basis. A good company will inform you of any impending repairs, outgoing tenants, and provide you with up-to-date financial statements for your investment.
3. What Is Your Fee Structure?
This question can make a lot of difference in your income. Some property managers demand a flat-rate payment, while others get paid as a percentage of rent income. You simply want to avoid those that want a flat-rate because they will usually have no motivation to maximize your earnings. Property managers who get paid according to their performance will be more eager to keep your property filled with good tenants only because that's when they too, earn a good income.
4. What Payment Methods Do You Accept?
Things have changed a lot in the last few decades, and so, depositing checks in a bank can no longer be accepted as the only standard method of payment. You need a property management company that is technologically up-to-date. A good company should offer your tenants a variety of payment options including online payments. With an online bank transfer, for instance, some tenants can easily create automatic recurring payments, and hence you'll be getting your money like clockwork, every month.
5. When Do I Receive My Rental Income?
Assuming you depend on the income from your North Carolina property to live comfortably, the Cary property management company you chose will have to remit the rent to you as quickly as possible every month. Although some managers delay payments for up to a month, the sooner you can get your money, the better. Also, if you do not get a straight answer to this question, then you might want to consider finding another property management company.
6. Do You Conduct Property Inspections?
Inspections are very necessary for maintaining the long-term profitability of your property. With yearly inspections, problems can be detected quite early and then solved, saving you lots of money down the road. A good property manager in Cary should be able to conduct one inspection per year.
7. What Extra Fees Will You Charge Me?
In addition to inspections, there are other situations where a property management company will charge a fee. As an example, there could be fees for managing major repairs or structural improvements on the Cary rental property, as well as for termination of a contract. It is necessary, therefore, that you inquire about these extra fees beforehand because they can easily add up.
8. What Are Your Repair Policies?
You have to explicitly ask about repairs and how the company carries out repairs on a Cary rental property. Do they use licensed contractors? Do they ensure that the contractor's price is competitive? Are you, the owner notified before such repairs? Do you have any say, as the owner, in such repair situations? These are questions you will want to know the answers to.
9. Do You Carry Out Tenant Background Checks?
A good property management company should carry out checks on potential tenants. This helps to weed out potentially problematic tenants. Although some companies tend to outsource this chore, you are better off with a company that does the checks in-house.
10. Ask For References
You should ask for references, people that the company has either worked with, or is still working together with. This enables you to get an outside opinion about the Cary property management company. By providing you with such references, the company will also be displaying confidence in its quality of service.
In addition to providing you with answers to these questions, a property manager who is willing to do good work for you, should also be enthusiastic about the project. This way, you will be sure that you are handling your investment over to someone who cares about real estate. Back to our Cary property management company example, any company that fulfills all these requirements should, of course, get the contract, thereby providing you with peace of mind and regular income.