Phoenix Property Management Tips - Brewer & Stratton Property Management
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Category: Property Management Tips

7 Crucial Questions to Ask a Property Management Company

Hiring a property manager for your rental property can prove to be one of the best decisions you make.  Whether you’re a first-time investor or an established landlord, getting professional help can generate you more rental income than ever before.

Ask Phoenix property management company a question

That said, the interview process can be challenging if you don’t know what to look for in a reliable property management company.

Not all property managers are created equal.  And when it comes to handling the day-to-day tasks of your properties, it’s crucial you make the right hiring decision.

That’s why today we’re going to take a look at the questions you should ask a Phoenix property management company.

What to Ask a Phoenix Property Management Company

1. How Many Rental Properties Do You Currently Manage?

It’s important to know how many rental properties they are currently responsible for.  The last thing you want is for their property managers to be spread thin across too many rentals.

A property management company that manages too many rental properties may not provide the kind of customer service you deserve.  And a property management company that manages too few rentals could prove inexperienced and cost you money.

It is suggested that the perfect balance is around 200-600 rentals.  You should, however, take into consideration the size of their staff before making a final decision.

2. What Services Do You Offer Property Owners?

One of the most critical questions to ask a Phoenix property management company is what services they provide.  After all, if you’re going to invest your hard-earned money in a property manager, it had better be worth it.

Some companies will provide minimal services for maximum monthly fees.  You want to avoid this at all costs.  And you can do so by asking about the things they will be responsible for while managing your rental.

Here are some of the top services you should look for in a high-quality property management company:

  • Professional advertising of all vacancy properties
  • Thorough tenant screening and placement
  • Solid rent collection procedures and quick no-payment follow-ups
  • Monthly and annual reporting of income/expenses
  • Routine property inspections
  • Eviction management, court representation, and knowledge of all landlord-tenant laws
  • 24/7 maintenance and repair services
  • Legally compliant lease drafting

Of course, this list is not exhaustive and your needs will differ depending on your individual situation.  The key here is to make sure you’re getting enough services to justify the added monthly cost.

3. How Do You Determine Rent Rates?

A good property manager will provide a comparable market analysis of all available listings nearby that are similar to yours.

Asking Property Management Company in Phoenix AZ a Question

From there, they will be able to accurately price your rental to be competitive enough to get you the most rental income possible.  However, they won’t demand too much rent and risk turning away high-quality tenants.

Based on things such as the local market, your rental size, the amenities you offer, and more, you should always expect to generate a positive cash flow.  And the right property manager will do just that.

>> Looking for qualified property management companies in Phoenix, AZ?  Get a Free Rental Analysis and learn the market value of your property today to make sure you collect the highest rent rate you can. <<

4. Do You Provide Any Guarantees?

If you’re wondering what to ask Phoenix property management companies during the interview process, make sure you always include a question about guarantees.

Experienced property management companies can offer many types of guarantees, such as an eviction guarantee or tenant guarantee.

5. What is Your Rent Collection Process Like?

Whether you’re an accidental landlord or one trying to build a business, making money is the ultimate goal.  And, the only way you make money as a landlord is to collect rent from your tenants.

One of the questions you should ask Phoenix property management companies you’re interviewing should be about their rent collection procedures.

While there are many ways to collect rent from tenants, the one answer you should be looking for is online rent collection.

Online rent collection is the most convenient for tenants, which reduces late or non-payments.  It’s also the fastest way for you to get funds deposited into your account.  Lastly, online payments are the most secure method for collecting money from tenants.

If your property management company offers tenants other ways to pay their rent, that’s okay.  Just make sure there’s an online portal for those that are accustomed to paying everything online.

6. Do You Have a Website?

You might want to ask the property management company you’re considering if they have a website.

Invoicing After Asking Property Management Company Phoenix

In addition to making online rent collection a cinch for tenants, a property management website has:

  • A way to provide vital information to tenants that may affect them directly
  • A property owner portal for monitoring the management of their rental property
  • Resources that can help you build your rental property business into a success
  • A tenant portal for making maintenance and repair requests
  • An advertisement section for available properties (such as yours) for those looking to lease

If the property manager you want to work with can show you the company’s website, you are well on your way to making a good hiring decision.

7. How Do You Handle Maintenance and Repair Requests?

One of the top complaints tenants have is that there is no urgency when it comes to maintenance and repairs.

If you want to keep your tenants happy, you’re going to need a property manager dedicated to handling these requests right away.  After all, happy tenants lead to more lease renewals.

Here’s what to look for in the answer your potential property manager gives you regarding maintenance and repairs:

  • There are several ways for tenants to get in touch with them to request maintenance and repairs. This may include the online portal, email, phone calls, or even text.
  • A reliable, professional, and affordable maintenance crew or insured contractor will handle all requests, no matter how minor.
  • Requests will be coordinated with tenants to suit their scheduling needs to decrease disrupting your tenant’s lives.
  • During routine inspections, all minor issues will be handled immediately to prevent more costly repairs in the future.
  • Your tenants will receive ample information about who to contact in the case of an emergency.
  • You will always be notified of major maintenance and repair issues.
  • The property management company never profits off the maintenance and repairs services they provide tenants.

There’s a lot that goes into maintaining your investment property.  And, while the tenants that lease from you are partially responsible for some things, you need to know anything beyond that will be taken care of.

Final Thoughts

In the end, hiring a property manager to help you with your rental properties can be daunting if you don’t know what to ask during the interview process.  And if you don’t ask the right questions, you risk losing money and tenants due to poor service.

Before hiring the first company you talk to, make a list of questions you’d like to ask all Phoenix property management companies you plan to meet with.  This way you can make an informed decision.  But best of all, you can rest assured your property is well cared for, your tenants are happy, and you’re making money.

If you’re interested in having Brewer and Stratton manage an income property for you, contact us today.  We can help with everything from tenant screening to property inspections and rent collection to maintenance and repairs.  All you have to gain is more time and money to enjoy the investment you’ve made and the rental income you generate.

Top 7 Reasons to Hire a Property Management Company

benefits hire property management company phoenix az
Investing in a rental property can be a very rewarding and profitable venture.  In fact, rental properties can generate enough supplemental income for you to pad your retirement, finally take that dream vacation, or even quit your day job.

But the truth is, self-managing a growing rental portfolio can become quite overwhelming.  It takes a lot of time and effort to screen tenants, collect rent, and handle maintenance and repair issues.

And that’s just the beginning.

If you own a rental property and are starting to feel like your dream of generating passive income is slipping away, check out these top reasons to hire a property management company in Phoenix, AZ.

Reasons to Hire a Property Management Company in Phoenix, AZ

1. You Don’t Have the Time

Being a landlord takes up a lot of your time, especially when you’re doing everything alone.  And you may find that you don’t want to have to make these time commitments.

That’s where a reliable property management company comes in handy.

By hiring a property manager, you relieve yourself of having to do things like:

  • Advertise vacancies, schedule showings, and perform tenant screenings
  • Conduct routine property inspections
  • Handle maintenance and repair requests
  • Perform rent collection and related paperwork
  • Deal with tenant complaints
  • And so much more

Don’t miss the opportunity to achieve financial freedom because you don’t have the time to manage your rental properties yourself.  Instead, hire a property manager to do the hard work for you, while you build up enough wealth to live the life you’ve always wanted.

 

2. Better Tenant Placement

phoenix property management company screening tenants

Property managers know what it takes to place high-quality tenants in your rental property.  They also know how to find the best people so you don’t have to worry about non-payment of rent, eviction proceedings, or an abandoned property.

In addition, a good property management company can handle all the details related to tenant screening, including:

  • Criminal background checks
  • Income and employment verification
  • Previous landlord reference checks
  • Review of credit reports

Don’t take matters into your own hands and hope you place a good tenant in your property.  Hire a property management company in Phoenix, AZ to ensure your rent is paid on time and your property is well cared for.

Remember, a good property management company will have a tenant placement guarantee in place, much like the one we have at Brewer & Stratton Property Management.

We’re so convinced that we’ll place a good tenant in your rental property that if they’re evicted within the first 12 months of their lease, we’ll re-lease your property at no extra charge to you.

If you’re looking for a qualified property management company in Phoenix, AZ, contact Brewer & Stratton Property Management today and see how we can help you find the best tenant possible to lease from you.

 

3. Set Competitive Rent Rates

Understanding the rental property market is tough if you don’t know what to look for.

And because of this, you run the risk of doing two things:

  1. If you ask for too little when it comes to rent, you run the risk of attracting the wrong kind of tenants. You also don’t make as much money as you should.
  2. If you ask for too much monthly rent, you run the risk of having longer than expected vacancies because no one will want to lease from you.

Finding the perfect balance between undercharging and overcharging rent is better left to the experts.  This way you not only maximize your profits, but also keep tenants wanting to renew from you each lease term.

Hire a property management company that takes in to consideration the rental market as a whole, the amenities you provide, what similar properties are going for, and what the location offers prospective tenants.

In addition, it’s helpful to find a property management company like Brewer & Stratton Property Management that offers a Free Rental Analysis of your property.  This way you know before even hiring them the market value of your property and what you can expect the monthly rent rate to look like.

 

4. Maintenance and Repair Relief

Rental property maintenance will not only take up a lot of your time, but a lot of your money too.  That’s why many people opt to hire a property management company in Phoenix, AZ to take care of maintenance and repair issues for them.

Using a property manager to handle your rental property maintenance will relieve you from having to answer tenant requests 24/7.

Also, you’ll find that with a good property management company:

  • Your property manager will have access to reliable and cost-effective contractors
  • There will be an on-call maintenance crew to handle minor repairs
  • Tenants will be able to quickly and efficiently make maintenance and repair requests
  • Minor repairs will be fixed early on, before they turn into costly issues
  • Your tenants will be more satisfied because their requests are handled fast

Your property management services might even include in between tenancy maintenance and repairs such as painting, cleaning, changing locks, and general repairs, all of which save you time and money in the long run.

 

5. Easier Rent Collection

The way to make money as a landlord is to collect a rent payment from your tenants every month.

However, getting your tenants to pay their rent every month can be difficult if you’re self-managing your property and don’t have the right rent collection process in place.

Good property management companies will typically give tenants a few ways to submit their rent payments each month.  For instance, face-to-face payments, drop boxes, direct mail, and even bank deposits are some good examples.

That said, one of the most effective rent collection methods is through an online portal.

Tenants can pay rent day or night and even set up automatic payments so they’re never late.  Your property manager will also have a secure record of all rent payments so you’ll always know what has been paid and when.

If you want to maintain your cash flow (and have someone to handle non-payment of rent issues) hire a property manager to oversee rent collection for you.

 

6. Legal Compliance

hire-legally-compliant-property-management-company-phoenix-az

There are many Arizona federal, state, and local landlord-tenant laws you have to know as a landlord to maintain legal compliance.

And, if a tenant feels you’ve violated one of those laws, you could find yourself in some very serious legal trouble.

Hiring a property manager that knows and understands the rules and regulations as they apply to you and your rental property is the key to never getting into trouble.

And, if by chance you do find yourself facing a tenant in court, you’ll know that you’re on the right side.  You’ll also have the knowledge and expertise of your property management company to back you in court.

 

7. Shorter Vacancies

Vacancies are something all property owners face at one point or another.  Yet, it’s in how you handle those vacancies, and how long they last, that’s the key to succeeding as a landlord.

Find a property management company that understands that vacancies are the result of these three things:

  1. The going rent rate is too high
  2. The property doesn’t look good, meaning it needs maintenance, repairs, and renovations
  3. The property isn’t being properly advertised

If you can do that, you can guarantee your vacancies will drop.  That’s because you’ll be offering a property to tenants that’s priced competitively and looks good.

And if you hire a company like Brewer & Stratton Property Management, there will even be a 3D Virtual Tour of your property so potential tenants can see exactly what your property looks like.

 

Final Thoughts

In the end, it’s understandable if you’re hesitant to hire a property manager to handle your rental property.  After all, it was a major investment and you likely put a lot of time, effort, and money into purchasing a rental that would generate you as much income as possible.

But the truth is, there are lots of reasons why hiring a property management company in Phoenix, AZ is a good idea.  And, if you find the right company to work with, you won’t feel worried that your property is in the wrong hands.

Instead, you’ll feel a sense of peace and actually enjoy the free time you have from no longer having to manage all the tiny details related to your property.

Contact us today to see how we can help you command the highest rent for your property, take care of all the maintenance and repair issues, and find the highest quality tenants to lease from you.

But more importantly, see how we can save you time, effort, and money so you can enjoy the investment you’ve made, without all the added stress of having to deal with everything alone.

 

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Designated Broker: Christopher Goodman
Designated Broker:
Christopher Goodman