Richard: Let give you just a few pointers:
1. Never make the monthly fee the most important consideration, when choosing a good quality property management company. Level of service is the most important element:
(a) Never assume but ask about the specific services your fee will cover. This is important, because often times, you might sign with a company, and when you receive your monthly statement, you might be surprise about certain deduction for services that are actually outside the scope of your signed contract. So, before signing your contract ask detail questions.
2. Maintenance is always a point of confuse: Ask if the PM Company has a Maintenance Department. Why is this important? Not, always but sometimes, there can be a conflict of interest, when it comes to keeping maintenance cost down. If you have vendors that you have worked with over time, ask if the PM Company would use them. Or if the PM Company utilize the services of independence contractors, this is good also, because they will not have a so called â€œDog In The Fight".
3. Monthly financial statements: Ask when you should expect your owner's draw. Will it be after monthly disbursements or once all rents have been collected. Generally speaking, any good PM Company will first make sure all rents and monthly disbursements have been made before issuing the Owners his draw for the month.
4. How often will my property be inspected? Will this be weekly, monthly or what? You want a company that will make their present known to your tenants. Yes, your tenants need to know that someone is in charge. Also, such inspection must be conducted idiscreetly, so as to allow your tenant a sense of privacy.
5. How will they select your tenants? How will they advertise your property? Will they conduct background and credit checks? Do they conduct walk thru before a tenant take possession?
6. How will they handle an Eviction? Do they have a working relation with a good Eviction Attorney? If there will be a requirement for a court appearance can they appearance in place of the Owner, if so, will this be an additional fee?
Richard, there is much, much moreâ€¦but this will get you started.
Suba Management Solutions, LLC
1015 North Lake Ave. Suite 219
Pasadena, Ca 91104
Richard, also please visit our website: www.subamanagementsolutions.com