Hiring a property management company means entrusting them with one of your most valuable assets – your investment property. Your property manager is going to be the key to your financial success, in terms of turning a profit on your Columbus rental. It is, therefore, important to hire a trusted property management company that is responsible, skilled, experienced, and provides value for money.
To help you on your quest of finding a great property management company in Columbus, here are seven common questions to ask before hiring one.
1. How Long Have You Been In The Columbus Property Management Business?
Working with experienced property management professionals is always a better choice than working with novices. They have contacts in the local real estate market, know the ups and downs of the business, and can easily help you maximize your ROI. Additionally, they can save you from expensive legal hassles by ensuring that you never fail to abide by the law. With their experience, they can help you make the right investment choices and build a solid real estate portfolio.
2. Which Types of Properties Do You Manage In Columbus?
Your property manager should be skilled in managing the kind of property you own. If you own a single-family unit in Columbus but hire a firm that specializes in managing commercial properties, you may not gain the desired ROI. Moreover, there are different laws for different types of assets. Therefore, it is essential to hire a property manager who knows your investment inside out.
3. What Are The Services That You Offer?
Before hiring a property management company, ask the managers about the services that they offer. Check if they provide routine inspections, emergency maintenance services, bookkeeping, and tenant screening services, as these are crucial for efficient rental management. Also, ask them if they have tie-ups with qualified contractors for ensuring quality and timely repairs.
4. Is The Company Insured And Licensed?
Property managers need to be aware of risk management and loss control strategies to deal with unanticipated events. They should also have insurance, like commercial property insurance, business income insurance, general commercial liability, or errors or omissions insurance to cover damages caused by unforeseen situations. We recommend you only rely on a licensed company to handle your rental property.
5. What Is Your Pricing Structure?
Before signing a contract with the firm, discuss their pricing packages in great detail. Different companies follow different pricing structures like the percentage of gross receipts structure, flat fee structure, or a hybrid fee structure.
Typically, property management companies charge approximately 8%-12% fees of the monthly rent. However, you must check if there are any additional costs like extra charges for tenant screening or commissions after placing tenants. If they fail to provide precise information, they lack transparency, which you won’t prefer for your rental business.
6. How Do You Determine The Rent For The Columbus House?
Inquire with the property managers about their methods of determining the rent price, as the rent you charge is the foundation of your ROI from the property. Ideally, a good property management company will predict the rent after thorough market research, detailed rental analysis, evaluation of profits and losses, and due consideration of Georgia’s & Alabama’s Landlord-Tenant Laws. If they skip any of these crucial steps in their process, they may not be the right people to whom you hand over your asset.
7. Can You Share Any References Or Testimonials?
Asking the property managers for references is a great way to verify their efficiency. If they’ve been in Columbus real estate for a long time, they should be able to provide you with a list of references or past clients who you can contact to learn more about their experiences. You can also view the testimonials to check the quality of their work. However, if they hesitate or fail to provide references or testimonials, it is a red flag.
Your prospective property management company must satisfy all your queries and prove that they are qualified enough to properly handle your asset. At Bickerstaff Parham Property Management, we have over 20 years of experience and are capable of managing your property in the most effective way.
For more information, talk to one of our expert agents today!