Real Estate is a commodity that if you hold on to, it can create real wealth so you don’t want to trust that investment to just anyone. At Pink Door Management in Clermont Florida, we pride ourselves on being professional and taking care of your investment as if it belongs to us.
When you consider hiring a property management firm, there are things you should know and so should they. Pink Door management has been taking care of investment properties in the Clermont Florida area for well over a decade so we can surely answer your questions and address your needs.
Here are 5 questions you should ask and quickly get answers from if the property management company you have selected has experience.
What is your experience? If the firm you are selecting has an experienced broker who has not managed properties, chances are any agents working with them will not have the proper guidance. It is imperative that not only the person being charged with taking care of your property have experience but the broker who will ultimately be responsible for your investment should be well versed in managing properties.
How will you market my property? Many new investors do not consider holding costs of a home. While the home is vacant, the mortgage is still due and if you are actively pursuing a tenant, chances are the lights and water are in service. Real estate taxes, yard maintenance and so on are monthly bills that happen vacant or full. If your property manager is not marketing your property in a multitude of ways, you may want to interview another firm.
Do I pay you when the property is vacant? If your property manager is collecting their fees on anything other than collected rents, you should renegotiate this or move on. If they will be paid even when the property is vacant, what is the true incentive to find you a viable tenant? If they don’t earn unless the property has a tenant in it, then chances are they will work harder to make sure the property not only has a tenant but a good one.
How do they determine if a tenant can afford the asking price of the rent? Screening the tenant ahead of time is often how problems are avoided later down the road. Income requirements are only a small part of making sure you have a well-qualified tenant in your property. Criminal background checks, rental history, etc are ways in which a good firm will ensure that you can relax and know that your investment is taken care of.
What are the management fees and how do I get updates on my investment? That’s a bonus question for you but the two are intertwined. If your fees are absorbent then your earnings will show that. Make sure you understand if there are markups on repairs and maintenance that can potentially diminish your earnings. Find out how often you can expect to look at the financial aspects from the point of view of the property manager.
At Pink Door Management in Clermont Florida, we are poised to answer these questions plus any others you can come up with. We are here to serve your needs, with over a decade of experience, we KNOW property management.
We handle it all from marketing to money, your investment portfolio is always accessible via our portal that you can log into at any time that works for you. If you’d like to add to your portfolio, our sister company Scates Realty and Investments can help you buy and sell. Pop in the pink door and let us assist you but if you are in other areas of the country, this is a good guideline for you to get started.