Strategic independent owners know that owning rental property is a business and should be treated as such. Managing property can be great for some, but for others it can be very time consuming. So, when the time comes to consider turning your property(s) over, it is important to ask the right questions. We asked FBS Property, an award winning, accredited San Diego property management company what are the questions every homeowner should be asking of potential management companies.
Often, price is the first question asked, but truthfully it should probably be the last. You should not assume that all property management teams operate the same way. It is important to have an understanding of what services are provided, how they are provided and what experience the company brings to the table.
How many doors does each person/team manage?
What is the number of properties you manage in my zip code?
What kind of response time can I and my residents expect in normal day to day and emergency situations?
How do you handle emergencies?
What are your qualifications for a resident?
How many evictions per year do you average?
What does your company do for the industry and the community?
Do any employees have a Real Estate License, designations or industry relevant education?
Will you provide information for my taxes and will you 1099 all suppliers?
What is your management fee?
Determining what is most important to you and finding a company that meets that need is the first step to a successful management plan. For example, do you care that your management team is offering continued education for their employees? Is it just about the price? Will the office proximity be important to you?
Owners need Managers who are familiar with the numerous rental laws and regulations, consistently staying on top of the latest rental market trends, not to mention effectively handling day to day resident requests, concerns or issues.
If you are looking for assistance with your rental property, reach out to FBS, tell them Jessica Foote and Associates referred you and they will be happy to help you!
For investment opportunities for rental income, please contact us – we would love to answer your questions and help you find the right property!