5 Questions to Ask Every Property Management Company

Property Management

Choosing the right property management company can be confusing and cumbersome – and let’s face it, after a while all of us property managers start sounding the same. It’s important to be careful and considerate in your decision, as not only will your property management company be a reflection on you and your tenants, but they will also be a determining factor in how much wealth you build with your investment property. If you’ve never hired a property management company before, you may not know what to look for, so we’ve compiled a quick list of 5 questions that you should be asking every property manager that you interview.

  1. What kind of tenant screening process does the company have?
    Completing a thorough evaluation on any potential tenant is extremely important. Keyrenter has a 14 point screening process which includes a national criminal history search, sex offender search, eviction filing search, credit check, landlord references, employment verification, social media and online check up, and more. Some applicants will have a friend or relative post as a previous landlord, or even purchase fake pay stubs. We have systems in place to detect these types of false information.
  2. Is the company local?
    This may sound crazy, but many nation-wide companies have been coming around the St. Louis rental market recently, and attempting to manage their homes with no boots on the ground. How can a company effectively manage a property without ever going to the property? Keyrenter is located in St. Charles, and we aren’t going anywhere!
  3. What kind of benefits does the company provide for their tenants?
    This sounds weird, right? We’re here to work for you, not the tenants! Let me tell you a little secret – happy tenants = a well cared for house and less vacancies. We provide our tenants with a move in gift basket, plus enroll them in our Tenant Advantage Program where they are delivered air filters quarterly to install, automatic enrollment in renters insurance, utility concierge service, 24/7/365 maintenance, and more.
  4. If my tenants are getting benefits, what sort of benefits do I receive as the homeowner?
    Remember the last question, where I mentioned our Tenant Advantage Program? I’ve got another secret – this also benefits you. Tenants are notorious for not changing their furnace filters, which results in more HVAC service calls. By having them delivered on a quarterly basis to the tenants’ door steps, this greatly increases the chances the tenants will change them. The tenants are automatically enrolled in our master insurance policy, so we always know they have renters insurance in place. We also offer bi-annual or annual property check ups, investment consultations, cash flow analysis, and so much more!
  5. What is the contract term?
    Some property management companies will require you to sign a 12 month contract, and should you cancel, you still have to pay the rest of the fees owed for the term, or even pay a termination fee. Keyrenter is confident in our services, and that’s why we don’t lock you in to any long term contracts. Just give us 30 days notice to close out your file, and you’re on your way.

There’s a lot to take into account when choosing a property manager. Let’s schedule a call so we can answer your questions.