PCS orders are coming out which means you have to figure out what to do with that home you own. Sell or Rent? Ultimately, only you can make that decision, but we have help if you decide to turn your home into a rental.
We contacted a well-respected property management company and tapped into their expertise just for this series. We know you may have many questions, so if you don’t see it answered, don’t hesitate to contact us!
What should I look for in a property manager/management group?
Responsiveness is of the utmost importance and good communication via telephone and e-mail.¬† ¬†Also look at a representative sample of properties currently managed by the management group and do a drive-by to ensure the properties are being maintained to your own standards.
What are the basic services I can expect from hiring a property management company?
Thorough reference and credit checks on the potential tenant.
A clear understanding of the application and lease process conveyed to the prospective tenant.
Regular inspections of your property, inside and out, including monthly changing of the air-conditioning filter, and yearly inspection of the required fire extinguisher by a licensed inspector.
Consistent payment of the owner‚Äôs monthly check along with a detailed statement.
.. during the listing process
It is important that the property manager accompany the potential tenant when viewing the property as well as follow through on the application process.¬† Additionally, the manager should be challenging the top price of the current rental market while giving clear feedback to the owner.
.. once the home is rented
The property should be inspected regularly both inside and out, which we often incorporate when changing out the AC filters.¬† Any concerns should obviously be dealt with right away.
.. dealing with issues
It is important to know that your management company has a good rapport with your tenant and the tenant is reporting any issues to the management group in a prompt manner, and that the management group is responding expeditiously to concerns or needed repairs.
.. dealing with a broken lease/eviction
The property management company should have a State regulated procedure in place for handling late-payments, evictions, etc.¬† It is extremely important that the process is navigated properly with all appropriate paperwork filed.
.. when the lease contract ends and is not renewed
The management group needs to perform a thorough walk-through to inspect for maintenance issues and repairs above and beyond normal wear and tear on the property and that any damages are paid from the original security deposit.¬† We utilize a move-in/move-out sheet, which enables the tenant to list any previous damage, such as dents and scratches that they do not want to be held responsible for, and check this against the current condition of the property. Everything should be well documented and photographed.
What are the Top 5 reasons to have your home professionally managed?
- Credit and reference checks are performed.
- An appropriate security deposit is secured based on the tenant‚Äôs past credit history.
- A comprehensive lease agreement is enacted for a specified lease term.
- Repairs are taken care of in an expeditious manner.
- Regular inspections of your property.
Max Mathews, Jr. is a Broker with¬†Mathews Development Company Inc./Mathews Properties located in NW Florida along the panhandle. ¬†They assist those seeking long-term rentals and have been doing so for over 15 years. Mr. Mathews and his team can be reached at¬†850-267-2601 for reliable, experienced, reputable property management services. You may view their available rentals at¬†http://www.mathewsproperties.com/.