How long have you been in business?
The number of years a property management company has had in the industry is often indicative of a trustworthy company to deal with. This also means the property management company has likely encountered and dealt with various problems that tend to come up with rentals. It is essential for a company to have enough experience with various issues, including legal, emergency response, accounting, maintenance expertise, and so on.
Are you licensed by the appropriate state and industry authorities?
In most cities or state, a property management company must be licensed by the appropriate authority before it can operate. A licensed property management company is then allowed to manage your property or run your own business. They are knowledgeable about the regulations in the city for handling security deposits, rental income, and other financial issues.
Can you provide referrals from past clients?
A St Louis property management company should be able to provide contact details for past or current clients whose property they are managing. It’s important for you to check the addresses of which property they are managing to ensure that the properties are properly run. Also, it is advisable to rely on referrals from trusted individuals, which is a very good way to make a short list of potential property management companies.
What fees do you charge?
While there can be different types of fees in the real estate industry, the usual cost includes a fee for management of a property which ranges from 5 to 15 percent of the rent monthly, depending on the condition and location of your property, whether there is more than one property, the number of units in each property and the type of services required. Some St. Louis property management company may charge a vacancy fee monthly when the property is uninhabited, while some charge the fee regardless of whether the property has a tenant or not. Some companies charge a set up for a new client which can be more than $100. Also, if you rely on a management company to find tenant for your property, you might be expected to pay 25% to 100% of the first month’s rent (usually around 50 percent).
How often do they inspect?
Most property management companies inspect a property when there is turnover of tenants, but they still inspect regularly when there is a long-term tenant. There might be intervals between the inspection, but properties should be inspected at least once a year, as well as the inspection of the externals of the property, should be inspected quarterly to spot and issues developing with the property.