Searching for a rental management company can be confusing. Consider the following key information and vital tips that can help you understand what to expect from a rental management company. Gathering the valuable information will help you choose a leader in the field of property management with confidence.
Legal Issues
A rental property manager will have knowledge of the local, state, and federal laws as they pertain to rental property. The company will also cover insurance and licensing that is required. The property management company deals with a variety of legal issues, from vandalism to injuries. The contract you sign with the property manager will outline what is legally covered by the property management company.
Fee and Pricing Structures
Look for a rental management company that offers cost-effective pricing. Pricing should fit within the local structure, and have a straightforward easy to understand format. A leading property management company should not have hidden costs or fees, and should offer a completely open fee structure.
The fee schedule is also laid out in the contract. You should not have fees that are surprising, or incur fees down the road that you are not expecting. The rental property manager should be upfront and you should not be agreeing to fees in the fine print that you are unaware of when you sign.
Tenant Management
Tenant management is one of the most vital parts of a property manager’s job. You want tenants to be screened effectively, so the rental management company you choose needs to have these policies in place. If a company has a strict and rigorous screening policy, chances are you will have no problems with your tenants. Ask about screening procedures during your interview and have them outlined in detail in the contract. A leading rental management company should screen for criminal background information, credit check information, employment history, and financial information.
Property inspections are also a must. This should happen to ensure that your property is well taken care of by the tenant and there is no damage. The details of how and when you want the property inspected need to be in the contract.
When it comes to dealing with tenant problems, this should also fall on the shoulders of the rental property manager. The company should deal with all maintenance and emergencies. No tenant should be calling you as the property owner.
Vacancies can cause you a lot of problems. When the property is vacant, you are not making money. This means that you want to find a company that is going to fill your properties quickly and have guidelines in the contract about consequences for not finding tenants in a timely manner. You should expect that there are strict guidelines about tenant vacancies.
Real Property Management offers rental management services within the Chicago area. Using a comprehensive marketing plan, and offering 24/7 maintenance and security services, Real Property Management rises above the rest as an unquestioned leading rental management company in Chicago.
