9 Things you Need to Discuss with a Property Management Service Provider!

When you’re in the market for a property management service provider, there are nine key items that you should discuss so that you can be sure you’re partnering with the right company. The considerations below are intended to help you get the most out of your property management service.

Things to discuss:

1. Fees and Services:

The first item of concern when discussing property management service providers is the fees and fees structure. You’ll want to inquire about the fees charged for set up, ongoing services, and termination. Knowing the fees upfront will help you plan for budgeting over the life of the partnership.

In addition to fees, you’ll want to inquire about the services provided. Services may include but are not limited to accounting, tenant screening, maintenance and repair, and evictions. Determining what services are provided as part of the fee structure will help you to budget accordingly for your other needs.

2. Leasing Terms:

When discussing property management service providers, you’ll also want to consider the leasing terms offered. This includes the length of the lease, the type of lease (fixed-term, monthly, or yearly), and the terms of renewal. Knowing the leasing terms offered by the property management company will help you determine the feasibility and stability of the agreement.

3. Tenant Screening and Contingency Plans:

When discussing property management service providers, tenant screening should also be discussed. A good property management service provider will have clear policies and procedures regarding tenant screening, including background checks and credit checks. You’ll want to find out what measures the property management company takes to ensure tenants are reliable, trustworthy, and compliant with their lease agreements.

You’ll also want to inquire about what contingency plans the property management service provider has in place. This may include a plan for tenant eviction, and any other potential issues that may arise. Knowing what the property management company’s plan is for dealing with unanticipated events will help you to feel more secure in the partnership.

4. Maintenance and Repairs:

When discussing property management service providers, you’ll want to ask about the company’s maintenance and repair policies and procedures. You’ll want to make sure that the property management service provider is willing to take on maintenance and repair tasks, and that they have a plan in place for responding to tenant requests in a timely manner.

You’ll also want to inquire about how the property management company handles maintenance and repair fees. Will tenants be made responsible for the fees, or will the property management company cover them? Knowing the answer to this question will help you decide if a particular property management provider is a good fit for your needs.

5. Security Systems:

When discussing property management service providers, it’s also important to ask about security systems. Does the property management service providers have access to advanced security systems, such as key card access or facial recognition systems? Knowing what security measures are in place can help you feel more secure that your tenants and your property are protected.

6. Taxes and Insurance:

When discussing property management service providers, you’ll also want to inquire about the company’s policies regarding taxes and insurance. Make sure to ask what taxes the property management company is responsible for collecting and paying on your behalf, and whether or not they offer any insurance options. Knowing the property management company’s policies in regards to taxes and insurance will help you determine how well stated policies will protect your interests.

7. Reporting and Data Collection:

When discussing property management service providers, make sure to inquire about the company’s policies for reporting and data collection. How frequently does the property management company provide reports to the property owner? Additionally, make sure to find out what data the property management company collects and stores, and whether or not the data is stored securely.

8. Responsiveness:

When discussing property management service providers, you’ll also want to ask about the company’s overall responsiveness. It’s important to have a partner that is responsive to tenant and property owner requests. Make sure to find out how quickly the property management company responds to requests, and whether or not they use technology such as email or text messaging to ensure quick response times.

9. Licensing and References:

The last item you should consider when discussing property management rentals Canada providers is the company’s licensing and references. Make sure to inquire about the property management company’s licenses and permits, and if they have references you can contact. Knowing the licensing and references of the company you’re considering will help you make an informed decision.

These are the nine key items that you should discuss when considering a property management service provider. Knowing the fees, services, leasing terms, tenant screening procedures, maintenance and repair policies, security systems, taxes and insurance policies, reporting and data collection, and responsiveness of the company can help you make an informed decision about the best property management service provider for you.