Questions Are Important
Owning a rental property in Arizona can be a valuable investment. However, managing that property requires time, organization, and knowledge. From finding tenants and collecting rent to coordinating maintenance and handling any lease related responsibilities, property management easily becomes a full time job.
For owners considering professional management, choosing the right company is an important decision. Not every property management company offers the same services, communication style, pricing structure, or will be a correct fit for your needs.
Here at Stone Rent – Real Estate Property Management LLC, we want to inform you on ten questions you should consider when looking for a property management company to hire.
1. What Services Are Included in Your Management Fee?
You will want to start by finding out exactly what you would be paying for. Many property management companies may offer services such as:
Marketing and Advertising
Tenant Screening
Rent Collection
Maintenance Coordination
Property inspections
Lease Administration
Tenant Communication
Move In and Move Out Coordination
Be sure to ask the company to explain which services are included in the standard management fee and which may result in additional charges. A clear understanding of the fee structure can help prevent any surprises later on.
2. How Do You Screen Potential Tenants?
Tenant selection can have a major impact on the management of a rental property. Ask the company to explain its screening process. This may include reviewing rental history, income, credit information, and other legal requirements, such as the Fair Housing Act.
It is also important that the company follows a consistent screening process for all of its clients. Understanding their process can give property owners a better idea of how their applicants will be evaluated.
3. How Do You Determine the Rental Price?
Setting the right rental price is an important part of marketing a property. A price that is significantly above comparable properties could make the property harder to rent, while pricing it below the market could affect potential rental income. Be sure to review your specific market because it can vary across the Phoenix area depending on the property’s location and characteristics.
Ask whether the company accurately reviews comparable properties and current market conditions when recommending a rental price.
4. How Do You Handle Maintenance Requests?
Maintenance is one of the biggest responsibilities associated with owning a rental property. Consider questions such as:
How can tenants submit maintenance requests?
How are emergency requests handled?
Do you have preferred vendors?
How are repair costs approved?
Will the owner receive updates about major repairs?
A clear and organized maintenance process can help ensure that problems are addressed efficiently while keeping owners informed.
5. How Often Do You Inspect Properties?
Regular inspections can help identify maintenance concerns before they become larger problems. In Arizona, a big challenge is the extreme heat, which greatly affects the exterior and HVAC systems of properties.
Ask how frequently the company performs inspections and what the inspection typically includes. A property management company should also be able to explain how inspection findings are documented, recorded, and communicated with the owner.
6. How Do You Communicate With Property Owners?
Communication can make a major difference in the property management experience. Some owners may prefer frequent updates, while others want to be contracted primarily when a decision is required.
Ask how the company communicates with owners and how quickly questions are addressed. You may also want to ask whether owners have access to an online portal where they can view financial information, maintenance updates, documents, or property activity.
7. What Happens When a Tenant Doesn’t Pay Rent?
Late or missed rent payments can create financial stress for property owners. Ask the management company to explain its process for handling late payments and, when necessary, the legal procedures involved in addressing a lease violation or eviction. The company should be able to explain its policies clearly without making unrealistic promises about outcomes.
8. How Do You Handle Vacant Properties?
Vacancy means the property isn’t producing rental income, so marketing and leasing are important parts of property management. Be sure to ask if the company markets vacant properties. Any potential strategies may include:
Professional Photography
Online Rental Listings
Property Websites
Digital Advertising
Property Signage
Showing Coordination
You should also ask if the company prepares a property between tenants.
9. What Are Your Policies for Owner Expenses?
In addition to the management fee, owners may encounter expenses related to repairs, maintenance, leasing, inspections, or other services. Before signing a contract, ask for a detailed explanation of potential owner expenses.
You should understand when the company can authorize repairs without contracting you and when your approval will be required. Clear and concise policies can make financial planning much easier.
10. What Does the Management Agreement Include?
Finally, carefully review the management agreement before signing it. Be sure to pay attention to items such as:
Contract Length
Management Fees
Additional Charges
Cancellation Requirements
Maintenance Authorization
Leasing Fee
Owner Responsibilities
Property Manager Responsibilities
Don’t hesitate to ask questions about anything that you don’t understand. A reputable company should be willing to explain its agreement and expectations clearly.
Finding the Right Property Management Partner for You
Hiring a property management company is about more than simply finding someone to collect rent. You’re trusting another organization with an important financial asset. Taking the time to ask questions before hiring a company can help you understand what to expect and determine whether its service fit your needs.
For Arizona property owners, professional management can be especially helpful when dealing with the state’s unique climate, maintenance demands, rental market, and landlord-tenant requirements.
Our job here at Stone Rent – Real Estate Property Management LLC is to be available for all of your property management needs, expenses, and work. We hope that as you ponder these questions, you will consider our property management company to be the one you hire to make managing your rental property easier and boost your investment.
