This month we have received a large number of emails that are remarkably similar. They all start off with something similar to:
“Hi (Property Manager’s name),
I am looking to buy the property at (enter prospective rental address). I found that it’s best when I’ve invested in other areas to have my property management arranged before I buy, not after….”
Then there is an EXTENSIVE list of questions…
At Access Property Management Group, we want informed clients. You just have to scroll through our website to find loads of info about us, property management in general and how Access runs. As you may or may not know, property managers are efficient and productive people. So we went ahead and compiled these questions and answers for the potential investor client! You are most welcome.
Questions to Ask A Property Management Company:
What is your Management Fee, Placement Fee, and Renewal Fee?
All of these fees are listed on our website on the pricing page. We have a couple different pricing structures that make sense depending on how much your investment will rent for.
Do you Prepare a 1099 and a Schedule E? Is there a Charge for this?
The short answer is Yes, we do prepare a 1099 and a Schedule E. And No, we do not charge for this. Aaron made a great video and blog about our year end process. Complete with examples of our 1099 and Schedule E reports.
Where do you Advertise Rentals?
Here is a video with more detailed information about where we advertise. Otherwise, here is a quick list:
- Internet (Zillow, Trulia, Hotpads, Zumper, etc)
- Yard Signs
- Our website
- Word of mouth (People will often call us asking what we have upcoming for availability)
Can I see your Property Management Agreement?
Absolutely! On our website pricing page, you can see a contract for each of the different management options. Just click on “Signup Here”. You will be directed to a live management agreement that you can review.
Who Chooses the Tenants for my Rental?
Simple answer. We do. You hired us to do the job and we take it seriously. We have several years of experience, training and resources behind us.
How do you Screen Prospective Tenants?
Our screening process is very detailed and stringent. It has to be in order to treat everyone fairly and get the best resident for your property. We adhere to all Fair Housing, federal, state and local laws. And trust us, there is a lot of them. You can read our screening policy here, it includes over 100 items that we check for including credit score, landlord collections, utility bills etc.
How Much do you Charge for your Security Deposit?
Security deposits are the amount of one months rent. We also charge a pet deposit. Access holds onto these funds during tenancy. The security deposit is considered the tenant’s until a claim is made against it for damages or unpaid rent upon move out.
Does your Company have a Maintenance Team?
We did have in-house maintenance, but we don’t anymore. We found that “finding” work for employees was more costly for our owners. Our maintenance team now consists of third party vendors that are vetted before they are allowed to perform maintenance on any property. This includes proper state licenses, proof of Insurance and signing a Fair Housing & Non-Discrimination Waiver. We only use them when we need them. This allows us to keep costs down and quickly find new vendors when needed.
How Much is your Maintenance Reserve?
Our maintenance reserve is $300 per unit.
Will you Contact me if a Repair is Over the Reserve?
Yes, you will get a text, email or phone call. Exceptions are emergencies. We consider an emergency as fire, flood or blood. Our team will stop the issue and contact you right away before any more is done. You can read this blog here that goes over our whole work order process so you know how maintenance is handled at your rental.
How Long is your Management Agreement? Is There a Fee to Terminate?
Our management agreement is 30 days. In the event that you would like to terminate, you just give us 30 days notice. There is no fee to terminate.
Do I have to Pay a Commission to Sell my Property?
No, you do not need to pay Access a commission. We found that selling homes was a conflict of interest. Our focus is on doing one thing really well, managing rental property. Access is a Licensed Real Estate Brokerage which means we can legally collect rent in MI, but we will leave the selling to the Realtors.
How Many Units do you Manage?
At the time of this writing this blog, we are at around 460 units.
Why Should I Sign with you? What Makes you Different?
Truth be told, we aren’t the right fit for everyone. There are a lot of good property management companies in Grand Rapids, MI. Find someone that you can work well with. Read google reviews, look through the websites. Find someone that aligns with your goals and aspirations. We focus extensively on open lines of communication and educating our Owners. We would never want to hear that a client didn’t know what was going on at their property.
We created a handbook for potential clients. It goes through many of the processes of property management and how we handle them. This document is a great resource for the new investor looking at property management as well as he seasoned investor wondering about how we manage.
Did we miss something? Or you want to inquire further? A lot of questions will be answered just scrolling through our site. You are always welcome to call or contact us with any further questions.