Managing a rental unit by yourself can be exhausting, especially if you own multiple properties. In such situations, partnering with professional property managers in Charleston is the best thing you can do to get better returns on your investment. However, in the quest to find the best rental managers, you may find yourself unable to decide which property management company to choose as there are plenty of options.
Every firm has different strengths and varied experiences and you need to ensure that their offerings match your expectations. We recommend that you check their credibility by asking them the following questions. If you get clear, decisive, and straightforward answers for all of these, it means you are in good hands.
Here’s the list.
1. What Are Your Property Management Services?
Property managers are supposed to save your time by taking care of your property-related responsibilities. However, if you hire a company that handles only leasing or renting services, you will need to find another manager for other tasks like inspections, maintenance, evictions, and more, which ends up adding to your workload. Hence, ask them about the services they offer and choose a company that provides all the services you require.
2. Do You Have Licensed Charleston Property Managers? How many?
Asking this question will help you verify that the company is authentic. It is always good to hire a firm that has a team of licensed professionals as they undergo extensive training and have significant experience in property management. Their services are also more trustworthy than those provided by non-licensed managers.
3. Which Type of Properties Do You Manage?
Since different types of properties demand different sets of skills, you need a team that has expertise in handling the kind of properties that you own. For example, if you own a multi-family home, you should hire a company that has substantial experience in managing multi-family rentals. If you’re planning to diversify your portfolio with vacation rentals or a commercial building, you’ll need a company that manages all types of assets.
4. How Many Properties Do You Currently Manage?
Knowing the number of doors that a company manages currently can give you some idea about their experience and level of customer service. If a company has too few doors, they may be just starting out and not always have adequate resources. However, they may provide better customer service since they are looking to build a client base. Conversely, if a company has too many doors but not enough personnel, they might have experience but their customer service might be abysmal.
Check the number of doors versus the property managers in the company. That should give you a fair idea of the kind of service you can expect.
5. What Are Your Property Management Charges?
Often, people hire managers without inquiring enough about the fees. That’s a risky approach and may lead to costly surprises, ruining your rental management experience. For most Charleston property management companies, the average fees vary between 12-14% of the monthly revenue.
6. How Do You Decide the Rent Amount?
Established property managers are always informed about local rental market trends. Often, they even provide a free rental analysis to compare your rental with other units in the neighborhood before setting the rent price. If your prospective managers are not following this approach, they’re less likely to come up with a profitable rate.
7. How Do You Screen Prospective Tenants?
An inefficient tenant placement process can hamper your business. You should, therefore, evaluate the firm on these lines. Check into their applicant screening process. Do they conduct background checks? Do they inquire about the applicant’s previous rentals, employment, and criminal history? Do they abide by all fair housing laws? These are some of the questions you should be asking your potential Charleston property manager.
8. How Often Do You Inspect The Property?
Every property management company conducts move-in, move-out, and routine inspections to check for potential damage. However, you need to check if they charge additional fees for routine inspections or if it is included in your maintenance package. Further, ask if those charges are dependent on the size and condition of your place.
9. How Do You Handle Evictions?
You need professionals by your side when dealing with evictions. Check how well the company handles evictions, provides legal support, manages court scenarios, and protects you from lawsuits.
10. Can You Share A Few References?
Ask the company to share some client recommendations to ensure that they are up to the mark. Contact their current clients to get genuine feedback about the company’s work. Ordinarily, if the company is good, they will happily put you in touch with their current customers. This allows you to understand their work culture, ethics, and the standard of the company.
Choosing inexperienced or unqualified property managers can put your real estate investment at risk. To manage your rental, you need a seasoned Charleston property management team like Meridian Residential Group. We manage both single-family and multi-family properties in Charleston, SC, including in North Charleston, Summerville, Goose Creek, and Moncks Corner, among other cities.
For more information, contact us at Meridian Residential Group.