See who would be directly responsible for your unit. How many years experience does this person have in rentals-not just real estate, but actual rentals and rental management? How do they qualify the tenants? Ask for a scope of services so that you know exactly what services they perform. Ask exactly what they do when the person is late, is in violation of the lease, and if they handle the return of security deposits and the required legal notices if part of the security deposit is kept. They should know much about the legalities of rentals, late rent, and security deposits if they have been in the industry for some time.How do I choose a rental management service?
thank you to both of you for taking the time to answer. both of your answers gave me valuable information and i will definitely use that info when the time comes to select a management service. again, thanks.
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How do I choose a rental management service?I manage my own property after using REMAX. I used REMAX because I was in the military and travelled but did not want to sell my home.
Most real estate agencies have property manager. In hind sight these are the things I would ask, how often will your condo be inspected visually (monthly, quarterly, etc.), how long is this contract for, do they conduct credit checks for prospects, do they check references, how much are you required to deposit with them to cover maintenance expenses (I deposited $200), what is their policy on evicting tenants who fail to pay the rent, what are the late fees for tenants that fail to pay the rent on time and who gets the fee (property manager or you), how much rent do you recommend, when will the money be sent to you or deposited into your account, and who is your boss (in case you have a problem with the property manager).
You can present a complaint to the Real Estate Commission in your state if your real estate associate/broker has violated real estate laws.
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