Checklist for hiring the RIGHT property manger.

By
Services for Real Estate Pros with Key Partners Property Management

There are Many Benefits to Using the RIGHT Property Management Company!

 

A competent property manager like National Property Management Group will add significant value to your investment, most real estate investors will tell you that a good management company is worth their weight in gold.  What happens if you hire the wrong property manager-it can cost you time and most importantly money!

 

What to Look for: 

  • Hire a Property Manager that can lease your home quickly while remaining compliant with city and state requirements
  • Make sure your Property Manager has your best interest in mind, do the sell homes, investment portfolios, is their fee structure fair and not too high and not too low-you generally get what you pay for…
  • Hire a full-service Property Management Company; everyone says they are full-service…are they really? Read the checklist from National Property Management Group below in detail and compare.
  • Do they have in-house maintenance?  Watch for conflict of interest; do they make money on your maintenance needs? Are you sure you are not getting nicked and dimed to add income to your PM company?
  • Do they guarantee their tenants?
  • Do they have an eviction protection program?
  • Make sure they are property licensed.
  • Make sure your Property Manager is connected and has established relationships with:
  1. City Inspectors
  2. Rental License Inspectors
  3. Real Estate Offices
  4. Peers/Competitors
  5. Insurance companies
  6. Relocation Companies
  7. HR Departments of local businesses

Here are a few ways that a FULL SERVICE property manager earns their keep:

  1. Evaluate the property and determine rental comparables and provide optimal rental rate.
  2. Take photos and document current condition
  3. Advise on needed repairs or cosmetic  enhancements
  4. Discuss different policies such as accepting pets, amenities to provide, etc.
  5. Add a lock box
  6. Market the property for rent through online sites, real estate agents, relocation companies, HR departments, signage, etc.
  7. Work with owner in preparation for marketing and renting; coordinate cleaning, cosmetic  updates and landscaping
  8. Create virtual ads/flyers for the property on rental listing websites
  9. Ad signage if desired
  10. Take calls from prospects for questions and viewings
  11. Arrange  for showings
  12. Provide a easy to follow application process
  13. Provide complete tenant screening; including a background, criminal, eviction check
  14. Verify identity, income, credit history, rental history, etc.
  15. Properly and legally inform tenants who have been declined
  16. Provide a  professional leasing agreement
  17. Provide thorough lease guidelines for  tenant regarding  lease terms
  18. Present lease terms to owner for approval
  19. Provide lease agreement to owner for signature
  20. Collect first month’s rent and security deposit
  21. Perform move in inspection with tenants
  22. Process monthly rent
  23. Contact late payers
  24. Bill for late fees, send eviction notices
  25. Provide necessary paperwork for court in the event of an eviction
  26. Accompany law enforcement if needed to remove tenant and secure house
  27. Advise in the event of a legal dispute or questions
  28. Refer owner to a qualified attorney when necessary
  29. Understand and be in compliance with local, state and federal legislation that apply to leasing and managing properties
  30. Move out, move in and other Inspections
  31. Coordinate and/or perform periodic inspections to look for needed repairs and/or lease violations, etc
  32. Report to owner as needed
  33. Provide accounting  services
  34. Maintain records of paid invoices, leases, inspection documents, etc.
  35. Provide annual 1099 form
  36. Provide a detailed breakdown of income and itemized expenses
  37. Schedule maintenance as needed with owner authorization
  38. Establish a network of licensed, bonded and fully insured contractors
  39. Maintain a 24 hour emergency phone number for tenants
  40. Perform tenant move out procedures
  41. Contact 45 to 60 days out
  42. Inspect unit with tenant at move out and fill out a move out inspection form
  43. Provide a report of  estimated damages and costs
  44. Process  the security deposit to the tenant
  45. Complete move out accounting for owner
  46. Schedule cleaning and any repairs
  47. Re-market property  for new renters

Two Major Benefits of Hiring the RIGHT Property Manger: 

  1.     Higher Quality Tenants; once you get a bad tenant in your home, the hassle of getting them out are tremendous.

You are much better off never accepting them in the first place. Most renter horror stories come from owners who found their own tenants.

A thorough screening process results in reliable tenants that: Pay on time, lease for longer periods of time; add less wear and tear on your home, and in general cause less problems.

An experienced, professional management company has processed thousands of applications and understands credit reports and knows what red flags to look for.  A company like National Property Management not only knows how to find the best tenants they also understand fair housing laws and can shield you from rental scams directed at owners and discrimination lawsuits from inconsistent screening processes. Good quality tenants are arguably one of the most significant benefits a property management company will provide its owners. 

2.  Fewer Costly and Time Consuming Legal Problems; who has time for a lawsuit? 

A good property manager is armed with the knowledge of currant landlord-tenant laws and will make sure that you are not vulnerable to a potential law suit.  We work in the Kansas City metro area but laws vary by state, they govern:

  •         Safety and property condition
  •         Inspections
  •         Lease addendums
  •         Rent collection and handling security deposits
  •         Tenant screening
  •         Terminating leases and evictions

 Most tenants know loop holes and how to work the system, one law suit can more than pay for the property management fees, and spare you time and anguish.  For the Kansas City metro area, contact National Property Management Group today!

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