Do You Need a Property Management Firm

11 Questions for Determining if You Need a Property Management Firm

No landlord wants a bad tenant, but unfortunately not all screening processes were created equal. Applicants put their best foot forward, and the more they have to hide, the greater lengths they’ll go to to hide facts that would eliminate them from consideration. The screening process can vary widely from company to company, so it’s important to find out just how much protection the company is going to provide you from bad tenants. It only takes one eviction to drive home just how important this aspect of a management company’s duties really is. In addition to the questions below, ask for a copy of the rental application they use, and find out if it’s a generic or custom-created document. 

Get an idea of how much protection the management companies you interview will provide via their screening processes by asking the following questions:

Will you “hold” a property for a tenant and take it off the market before a lease is signed? If so, do you charge a fee?

There should absolutely be a fee so that you’re protected if things fall through.

What systems do you have in place to protect against rental scams? Have you ever been duped by one?

Scams are becoming more widespread and more advanced. It’s not just “Nigerian Prince”-type scammers, but local con artists who will copy your ad, break into your home and show the unit so they can collect a “security deposit” and run. (Note: We’re not joking.)

What methods do you use to screen tenants?

The more comprehensive, the better. They should contact former landlords, verify income and employment, run credit reports run, verify application information for authenticity, contact personal references and search public notices (e.g., bankruptcy, eviction). Many “tricks of the trade” exist in this area, and each manager will have their own time-tested methods. If they use a third party for tenant screening, find out who and why they use them instead of doing it in-house.

Which tenant qualifications are most important to you? Will you consider a tenant who meets your qualifications in some areas but not others?

Ideally, you want a property manager that brings in people who are serious about their job or schooling. Remember: The less someone has to lose in life (money, family, career, reputation, personal pride), the less you can expect from them as a tenant. The eviction rate and tenant turnover rate on the properties they manage is a good indicator of how well they screen tenants.

Do you provide me with tenant information so I can approve or deny each tenant?

This may sound like a good idea, but it’s not. Tenant screening is what property management companies do. They should be experts at it. That’s what you’re paying them for. If you don’t trust them to perform this critical function, then you shouldn’t hire them. When owners get involved in the screening process, the possibility of discrimination (well-intended or not) goes up significantly. Fair housing violations lead to lawsuits that can cost thousands. This is a significant liability for you and the management company.

Other miscellaneous questions to ask:

• What do you charge tenants for the application fee?
• Do you require the application fee to be paid in certified funds?
• Do you require each adult that will be renting to complete their own application?

Read more about what to look for when examining an organization.

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The Realty Medics are the nation’s leaders in “Rocket Science Renting”: Rocket Science Renting is about keeping your life simple by letting someone else handle the complex work of property management for you. It’s knowing that your property is running smoothly, with no hiccups or glitches. It’s hyper-responsive customer service that gives you property management peace of mind. It’s advanced technology that could only be designed by a former NASA engineer like our owner, Ben Sencenbaugh. And it’s knowing that you’re always getting maximum value and ROI for your investment.

The Realty Medics Guarantees

We are very proud to be the highest rated and most reviewed Property Management company in Central Florida. We guarantee results and have the lowest rates to support our results-driven philosophy.

14 Day Rental Guarantee

If we don’t rent your home in 14 days you get one month FREE management.

90 Day Money Back Guarantee

If you, the Owner, is unhappy for any reason, we will refund your management fees

12 Month Tenant Guarantee

If a tenant is removed in first 12 months, We find you a new tenant free of charge.

Pet Damage Guarantee

If a pet causes any damage to the property, We will cover this damage above the security deposit up to $1000.*

* See full details in Rental agreement