There are many property management companies to choose from, each with its own philosophy about how best to serve their clients. At ICPM, we believe that Landlords should do their homework before choosing a company to represent their interests. To help facilitate this, and to aid in the selection of the best manager for the job, we have comprised this list of questions for easy reference. After each question, you’ll find the answer that we would give. We hope you’ll find it useful.
How much experience do you have? A better question would be “How much experience does the manager assigned to my area have?” Many companies boast of their length of years in business, but fail to mention that the managers they hire are often trainees, having limited property management experience. At ICPM, your investment will be managed by a licensed Broker with over 15 years of property management experience.
How long does it take to get a call back? Communication is of paramount importance in any business. Most companies promise a call back in a day or two. At ICPM, your calls are taken live, or returned within 2 business hours. We also have 24 hour service for maintenance emergencies. Your time is valuable, so you shouldn’t have to wait a day or more to speak with your manager.
How often do you check on my property? Some companies offer periodic exterior checkups, others charge an extra fee. ICPM performs regular exterior checkups on every property we manage every quarter and at no extra charge to the client. We also offer complete interior/exterior annual inspections with digital photos for only $50.
How long does it take to find a tenant? This is tied to the health of the current rental market, time of year and, above all, your manager’s knowledge of the market rental rates. ICPM constantly monitors the rental market, and conducts rental housing surveys throughout the year to stay informed of market trends. What does this mean to our clients? Simply put, it means that we can accurately predict the rental range in a given area, which can minimize the time it takes to locate a qualified tenant. The company that allows you to pick your starting rent with little input is not representing your best interests. We recommend pricing your property to attract a tenant within 30 days or less, a reasonable goal to have in any rental market.
How do you screen your tenants? All applicants are screened based on verification of income, positive residence history and overall credit worthiness. In today’s highly competitive rental market, time is a precious commodity. We make every effort to complete the application screening process in 2 days or less, but we will not skip a single step when it comes to determining a prospective tenant’s qualifications to rent your property. We are so certain of our ability to place qualified tenants, we offer eviction protection. See our Management Agreement for details.
Where do you advertise? The most expensive part of having a vacancy is almost always the vacancy itself, the lost daily rent. At ICPM, we employ many advertising mediums to achieve our goals- Newspaper Ads, Website listings, Signage, Open Houses, etc. Some companies refuse to utilize certain “free” resources, simply because they cannot make a profit from them. ICPM believes that any legal resource which helps find a qualified tenant is worth using.
Do you markup the cost of repairs or receive any kickbacks from your vendors? Many companies have recognized the substantial profits to be made on repairs to their clients’ properties, and have moved towards a markup of all repair costs. Sometimes these enormous profits are concealed by charging the vendors to do business, which in turn forces the vendor to raise prices. At ICPM, what we pay is what you pay. Any savings we are able to secure from any vendor are passed on directly to our clients, with absolutely NO MARKUP ON REPAIRS and NO KICKBACKS FROM VENDORS.
What is your cancellation policy? Many companies use 6-12 month contracts, with strict penalties for clients that decide to leave early. At ICPM, your management agreement is a flexible month-to-month contract. Decided to sell? Moving into your rental? Whatever the reason, we don’t feel that a management agreement should get in the way of your plans for your investment. Experience Property Management the way it should be. Call Investors Choice Property Management today.
www.investorschoicepm.com
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