Hiring an Austin property management company to manage your rental property(s) is not a decision to take lightly. After all, it’s their primary job to take care of your property and make sure it remains a quality investment vehicle for you. Hiring a property manager is like hiring a direct extension of yourself and you’ll want to make sure that you can trust your team going forward.
There are a lot of factors to go over with potential property managers and going through the vetting process. These are some of the questions we regularly hear from potential clients that have importance to them when deciding to work with Stone Oak Property Management.
How long has your company been managing properties in the Austin area?
This will give you an idea of how well a company is established in the Austin market and their overall experience working in it.
Connections and relationships are hard to make and replace and there is an army of contractors & vendors out there ready to take advantage of unsuspecting landlords. Hiring a property management company with experience in the Austin, Texas rental market can help you align with companies with trusted vendors and contractors to handle any issues with your property. If your Austin property manager is just getting started they may not have the connections or processes in place to ensure a stable investment on your end.
Like most other industries, experience goes a long way when considering your options for Austin property managers.
How big is your management company? Will I bounce around between people or will I have a go-to person to contact when I have issues?
While knowing the size of a property management company can tell you a lot, the level of service provided to you will say more. No one likes calling a company you are a client of and getting bounced around. Having a reliable contact to discuss your property with is beneficial for owners. With that said, you’ll want to make sure your property manager has the staff in place to handle more or less in the event any curveballs are thrown your way.
What types of properties do you manage?
Beware of the property manager who tells you that they can do it all! You’ll want to make sure you partner with an Austin property manager that aligns with your portfolio. If they specialize in commercial property management they shouldn’t be managing your condo. At Stone Oak, we specialize in residential property management and only work with properties zoned for those purposes. Partnering with an Austin property management company that works with the same types of properties that fill your portfolio is recommended!
Is your property management company insured?
Austin property management companies are required by the state to hold certain insurance up to a certain dollar amount in coverage. If you’re considering a property manager that doesn’t carry insurance we advise you to look elsewhere.
How do you handle tenant service requests?
Yes, your property manager works for you, but there is an important 3rd party in this relationship - your tenants! Communication is key, especially when it comes to tenants and keeping them happy in your property. You’ll want to make sure your property manager makes it easy for tenants to communicate any issues with your property with them as well as respond in a timely manner to your tenant’s requests.
What are the fees involved with your property management company?
Yes - you’ll want to know how much monthly management is going to cost you, but don’t stop there. Find out exactly where they have fees and when they’ll apply to your account. What are they charging for lease renewals? Service calls? What if your property is vacant?
These are all important factors and depending on the answers, can eat into the cash flow your property is intended to produce!
These are just a few points you’ll want to discuss with potential rental property managers but is not an all-encompassing list. Do you still have more questions about Austin property management? Visit our landlord faq to read more!