When you’re looking for a Phoenix property manager, you might think that the most important question you can ask is: “What are your property management fees?” This is a common question that we hear all the time, but it’s definitely not the most important thing to think about when you’re looking for a team of professionals to manage your investment.
Today, we’re helping you ask the right questions when you’re searching for high-quality Phoenix property management.
Ask About Communication and Technology
Communication is one of the most critical parts of the relationship you have with your Phoenix property management company. That’s why it’s important that you ask how your property managers will communicate. When owners hire us, their most common complaint is that their previous management company never communicated.
Talk to potential managers about their communication style. At Bennett Property Management, we will ask if you prefer texts or emails. You want to make sure you’ll be communicated with in a way that’s transparent, responsive, and comfortable for you. Find out if there’s a software system so you can review your monthly statements, invoices, rents, and tax documents.
It’s also important to know how your property managers will communicate with current or future tenants. Ask if tenants have an online portal where they can pay rent and request maintenance.
Ask Phoenix Property Managers About Marketing and Leasing
It’s also important that you know how your rental property will be marketed and advertised. You want to work with a management company that provides professional market analyses when establishing a rental value for your home. Find out where they place ads and if they have a strong online presence that will drive interest to your property. You’ll need to know if they offer professional photos and virtual tours online.
Ask how showings work. Since the COVID-19 pandemic, showing a rental property has changed. Your property manager will need the technology and the experience to manage self-showings.
Rental Property Maintenance and Phoenix Property Management
Always ask how routine and emergency repairs are handled at your property. Ask about whether an in-house maintenance company is in place or if they’ll work with outside vendors and contractors. Ask about the screening process for vendors and whether they are licensed and insured.
A good Phoenix property manager will tell you about spending limits for repairs. You’ll want to know how repairs are managed when a necessary maintenance item is more than the established limit. Will they call you or email you or start the work while waiting for your approval? These are important details to know.
Ask About Rental Inspections and Surveys
Most Phoenix property management companies will perform at least one property survey annually. This is typically tied to the lease renewal. Before renewing the lease, you’ll want your property manager to walk through the home and make sure the tenant has been keeping it clean and well-maintained. Find out what the process is, and whether you’ll be able to see reports with pictures once the survey is complete.
This should lead to a discussion about lease renewals and rental increases. Ask your property manager how they recommend renewals and what they do to research updated market rents. You’ll need a price range for your rental properties from year to year.
Rent Collection with Phoenix Property Management
Every landlord needs to know when he or she will have the rent paid. Find out what the rent collection procedures are, and what kind of timeline is in place. You’ll also want to ask how you receive your money; can you get direct deposits or will you be waiting for a check in the mail?
With rent collection, you should also expect financial reporting. Ask about statements and tax forms.
Once you understand what kinds of services you can expect from a Phoenix property management company, it makes sense to ask about management fees. If you have any questions about finding the right management company, please contact us at Bennett Property Management.