If you are looking to rent out a home or commercial space, a property management company may be able to assist you. A property management company manages properties that are for rent, including advertising them, showing them, leasing them out and maintaining you. There are many important questions to ask when you are looking to rent from a property management company. Here are just three of those important questions to ask and the importance of asking these questions.
Do You Own the Properties You Lease?
Some property management companies manage properties that other people own. For example, if you purchase an investment property that you want to rent out, a property manager can help you with this task. Other property management companies purchase investment properties and lease them out themselves. When a property manager owns the property, they don't have to wait for permission from the owner to handle major problems, such as a new roof. This can be beneficial if major issues arise.
How Are Repairs Handled?
Property management companies handle repairs in different manners. Some companies have an in-house repair staff. When problems arise, they can send someone immediately to your home. Other companies use contractors for the job. In addition to who does the repairs, the turnaround time on repairs can vary. Some management companies have a 24 hour turnaround time for repairs, while other companies may have a longer time, such as 72 hours. Also, ask what happens if you need repairs on weekends or after hours. Some property management companies offer after hour repairs, while others may not.
Do You Regularly Increase Rent at the End of a Lease?
Finally, be sure to ask the property management company if they regularly or routinely increase rent at the end of the lease. Some companies always increase rent at the end of a lease. Other companies may only due so if the rental market allows for the increase. Ask what percentage of lease renewals saw an increase and how much the average increase was. This can give you an idea as to whether your rent may be drastically increased if you want to renew your lease.
If you are looking to lease a home or commercial space from a property management company, take the time to ask the company these three questions. Asking these questions and carefully evaluating the answers to the questions helps you when it comes time to selecting a property management company.