Questions Property Owners Should Ask Property Management Companies

One of the added benefits of choosing a real estate management company for the day-to-day management of your rental properties is the peace of mind gained by knowing a professional, experienced team of property managers is available to assist you with understanding the basics of renting a property in your area.  When exploring property management companies, Lombard offers many options.  An important service to look for is the firm’s willingness to answer your questions and address any concerns you have about the management of your property.

Be Familiar with How Tenants are Qualified
Ask to review the rental application, background check forms, and other documentation prospective tenants are required to complete when they begin the screening process.  Be sure all issues that concern you about a potential tenant are addressed, from credit history, to criminal record, to running a reference check by contacting former landlords.

Agree Upon Length of the Lease
Most rental managers suggest a one-year lease for an incoming tenant.  If you feel the leasing term agreed upon should be shorter or longer, discuss this with your property manager.  It is important you understand the reasons behind the suggestions property management companies make as well as to make sure they hear and address your concerns and wishes.

Understand Managing and Leasing Fees Up Front
Be sure to inquire about the monthly percentage your rental management company charges for managing your property.  Typically, this amount is a low percentage of the rental fees for the property.  There may be additional fees for leasing your property, so be sure to ask for a full breakdown of all fees associated with the management agreement before you sign on the dotted line.

Ask About Advertising Fees
Find out what your responsibility is in respect to the costs of advertising your vacant property.  While some real estate websites are free to list, others charge for their listings.  Additionally, the costs of printed materials or open houses can add up.  Inquire about what, if any, portion of these costs the property owner is expected to pay.

RPM Dupage Preferred is committed to answering all client questions and to addressing all concerns you may have.

 

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