HOW TO HIRE A GOOD PROPERTY MANAGER
Bob Massi went on Fox News about a week ago and highlighted three major questions that a property owner should be asking their property management company before hiring them. Here’s how LLC Property Management matches up to Massi’s standards.
How do you go about screening your tenants?
hat does it cover in terms of services such as background check, credit report? Are there any additional costs involved for the tenant screening process that the owner has to pay? Not every property manager has the same tenant screening process, and it is important to define one before hiring a property management company.
LLC Property Management, we have one of the best tenant screening processes in the industry through our affiliates at the Rent Rite Directory. We are able to run credit and background checks for the tenants for the entire United States. We also utilize the RRD’s incident reporting system, where landlords can warn one another about problem tenants. This is of great benefit when screening a potential tenant from out of state. It is our policy to run a comprehensive background check on all adults that will be living in the property.
Our thorough tenant screening includes all of these things: - FICO scoring - Both an Equifax and Trans Union Credit Report - SSN validation - ID Mismatch alert - Bankruptcy report - National criminal background check - Sex Offender Database search - Evictions/Liens/Judgments search - Fraud detection search - OFAC Patriot Act Search - Job/Income verification - Previous rental history verification
How often do you inspect the property?
A large number of property owners that own a rental property live out of town/state. The job of the property manager is to be their eyes and ears at the property. The property inspections are based on the type of property being managed and the number of units. There also are different types of inspections that we perform. Those can include: move in inspections, routine safety and cleanliness inspections, drive-by inspections, and move-in/out inspections.
Routine Safety and Cleanliness Inspections
The routine and safety and cleaning inspections should be conducted every 3 – 6 months. During those inspections, the property manager is looking for things such as the door coming off its hinges, leaking faucets, non-operating carbon monoxide/smoke detectors etc.
The move-in/out inspection must be performed every time a tenant moves.
Drive by Inspections
Drive by inspections does not need pre-notifications and allow for more frequent visits to the property. The things to look for are overall curb appeal, landscaping/gardening needs, outside lighting, and the exterior cleanliness of the property. If the subject property is a single-family house, the number of inspections may be 1-2 per month. If the property is a multi-family apartment building with 30 units or more, it would make for more frequent visits to the property.
How many properties do you manage?
This question is important because you want to get an idea of how much time and resources the company has to devote to your property. The largest company isn’t always the best because the highest paying clients will likely get the most attention and smaller clients may get neglected. We have over 20 years of experience in property management, and have managed hundreds of properties and thousands of units across all asset classes (Homes/Estates, Apartment Communities, Office Buildings, Retail Buildings and Light Industrial).
At LLC Property Management, we care about every property like it is our own. We give every property our full attention and have the resources to do it. We also utilize one of the most stringent tenant screening services in the country to ensure quality tenants and the highest possible return on your investment. Setting us apart from the rest is our rewards program which gives tenants discounts with local vendors.