As a property owner in Arlington, Virginia, it is crucial to find the right management company that caters to your needs. To pick one, you need to ask the right questions to the property management company, and identify if they meet your expectations.
Here is a list of a few questions that you can ask the potential property management companies to verify their credibility.
1. How long have you been in the Arlington Property Management business?
An experienced company can always understand your investment requirements and help you achieve your financial goals for the rental. Asking this question will help you ensure that your potential
Arlington property management company has extensive experience with managing rentals. Their expertise and insights about the local housing market, types of units, and potential renter and buyer pool of the area can be helpful in making crucial decisions regarding your investment.
2. Are all the professionals at your company licensed?
Leasing the property is considered as a real estate activity under the Virginia real estate license law. Therefore, all management professionals working with the company must possess a valid Virginia real estate license. Asking about the license and other certifications can prove that the professionals in the company are qualified to manage your rental.
You should also ask if they are a member of the National Association of Residential Property Managers (NARPM), which requires them to adhere to a code of ethics that dictates how to interact with homeowners and tenants.
3. Which services do you provide?
Management companies usually provide a wide range of services to homeowners. However, you need to be sure of the exact services they provide and whether they align with your requirements. Here are some of the top services that rental owners typically require in Arlington -
- Management of maintenance and repair issues
- Rent collection
- Rental inspections
- Monthly and annual financial reports
- Property listing and advertising
- Buying and selling of properties
Verify whether these services are included in the net property management fees or will cost extra.
4. What are the types and the number of Arlington properties you manage?
The area of expertise of every company vastly differs when it comes to managing different types of properties. Some property management companies might be skilled at managing condos and single-family homes, while others might be experienced with managing commercial or vacation rental properties. It is essential to hire a company that is an expert at dealing with your type of rental investment.
The number of properties they currently manage can be an indicator of their experience over the years and give you an idea of their popularity in the local Arlington real estate market.
5. What is your fee structure for managing Arlington properties?
Before you finalize a company, ask them about their charges while considering the price structure for monthly, quarterly and yearly services. While some companies charge a flat monthly fee, others charge a percentage of gross receipts or follow a hybrid fee structure. Examine the fee structure to get an idea of your property management costs.
6. What is your tenant screening process?
Having a good tenant is crucial for maintaining the habitability of your Arlington property and hence, your property management company should have a stringent tenant screening process in place. Ask the company you are planning to hire about the background checks they conduct for tenant applications, the procedure to shortlist and finalize tenants, and how long the process takes.
7. Do you have a cancellation policy?
Entering a contract with a company that does not have a cancellation policy in place can be risky. Make sure that your property management company has an exit clause in case of disagreements, or dissatisfaction. There can be a fee for terminating the contract prematurely, but it is safer to have an option to terminate if you dislike the service that is being provided.
