Choosing a PM Company...
Services you should inquire about:
Accounting - How is the accounting handled? ie: When are statements mailed out? What’s the management fee? What other fees will the owner be charged for outside of the management fee? Are receipts mailed with owner statement for bills/fees paid on behalf of the owner?
Maintenance - How does the PM Company handle maintenance calls? What’s considered an urgent/emergency maintenance call? What is the response time frame on different maintenance call types? Is the owner ever contacted for any maintenance calls and if so, for what type of maintenance calls/requests?
Leasing Signings and Lease Renewals - Will the PM company complete lease signings and renewals? If a tenant gives notice to vacate, how soon is the owner notified and how soon is the property advertised to be re-rented?
Current on Rental Rates – The PM Company needs to have knowledge of the correct rental value for an area/ market in order to have a low vacancy and steady income for your property.
Advertising - Know how and where your vacant property will be advertised.
Screening/ Application Process - What is the PM Companies application process? Ask to see a copy of the application. Ask if they completed credit checks, background checks, eviction history check, income verifications, and previous landlord verification.
Rent Collections - When are rent payments considered late? Do the tenants have a grace period? If a tenant does not pay by the grace period, how is this handled? When is the eviction process started?
Inspections - Are housekeeping and property inspections completed to insure the property is being maintained? If required by the local government to meet with their inspector will the PM Company meet the inspector at no cost? Will the PM Company complete move-in inspections?
Turnovers (preparing the unit for the next tenant) – how fast are move-out inspections and turnovers completed?
Court Hearing Representation - Will the PM Company attend cout hearings relating to the property and/or tenant on the owner's behalf. If so, is this included in the managment fee or is there an additional charge for this service?
List of local PM Companies
Accounting - How is the accounting handled? ie: When are statements mailed out? What’s the management fee? What other fees will the owner be charged for outside of the management fee? Are receipts mailed with owner statement for bills/fees paid on behalf of the owner?
Maintenance - How does the PM Company handle maintenance calls? What’s considered an urgent/emergency maintenance call? What is the response time frame on different maintenance call types? Is the owner ever contacted for any maintenance calls and if so, for what type of maintenance calls/requests?
Leasing Signings and Lease Renewals - Will the PM company complete lease signings and renewals? If a tenant gives notice to vacate, how soon is the owner notified and how soon is the property advertised to be re-rented?
Current on Rental Rates – The PM Company needs to have knowledge of the correct rental value for an area/ market in order to have a low vacancy and steady income for your property.
Advertising - Know how and where your vacant property will be advertised.
Screening/ Application Process - What is the PM Companies application process? Ask to see a copy of the application. Ask if they completed credit checks, background checks, eviction history check, income verifications, and previous landlord verification.
Rent Collections - When are rent payments considered late? Do the tenants have a grace period? If a tenant does not pay by the grace period, how is this handled? When is the eviction process started?
Inspections - Are housekeeping and property inspections completed to insure the property is being maintained? If required by the local government to meet with their inspector will the PM Company meet the inspector at no cost? Will the PM Company complete move-in inspections?
Turnovers (preparing the unit for the next tenant) – how fast are move-out inspections and turnovers completed?
Court Hearing Representation - Will the PM Company attend cout hearings relating to the property and/or tenant on the owner's behalf. If so, is this included in the managment fee or is there an additional charge for this service?
List of local PM Companies