Here’s what you need to know when selecting a Bridgeport property management company.
In this guide, we’re sharing some gems to help you start and end your search the right way.
What Not To Ask
First off, no need to call a property manager and ask what they charge. That’s the last question you should ask. Initially, you need to know about what they do for you in exchange for their fees.
Many companies have different fees and fee structures so you don’t want to compare that one number. Initially, focus on their services and are they a match for your needs.
For example, if you have a few units, do you really want a large company which may be giving their best attention to larger clients?
If you have a large portfolio of 750 units, then a realtor who does management on the side won’t have the capabilities to service your needs.
What To Ask
Here are some good questions to ask when interviewing your next property manager:
How long have you been a property manager?
How long have you been a manager in this area?
How many vacancies do you have right now?
Out of how many total units under management?
What is the average length of time it takes to fill a vacancy?
What is your late rent policy? What percentage of tenants do you have to evict?
How does the eviction process work here?
What are your management fees?
What do you charge for recruiting new tenants?
Do you charge for monitoring and maintaining vacant units?
What are my guarantees? Do you also market properties as a broker?
If I decide to sell my property, do I have to list it with you?
Can I see some of the other properties you manage? (Of course you will probably not be able to see inside rented apartments or offices. But you should be able to see common areas and grounds.)
How do you market your apartments?
Do you recommend special incentives for tenants?
If I want additional marketing for specific vacant units, how would we arrange that?
How do you screen prospects?
How do your tenants contact you?
Experience and Education in Bridgeport Property Management
Bridgeport has some tough areas. Therefore, ask about years of experience and metrics on time to lease, turnaround time and number of days vacant.
Bridgeport property managers who set rent rates need to have a real estate license. Look up the name and license number of the company on the Connecticut License Lookup website.
Ensure they take continuing education and training in property management laws, rules and regulations.
Check their website to gauge their focus on property management, real estate sales and other business. You want someone who focuses on property management.
Communication skills are paramount.
You want to work with someone who has the ability to get along with people. Property management is a service industry. There are a lot of resident service and fiduciary duties involved.
You’ll need a property manager who is helpful and can get along with everybody.
A trustworthy property management company has integrity and will be honest about repairs, inform you of move outs, leasing progress, rent payments and provide detail in communications. Automated rental collection reports are a must.
Integrity and trust are necessary otherwise it will be impossible to proactively manage and maximize your precious investment.
The adoption of the latest technology for more efficient management is a must to survive.
Artificial Intelligence for leasing and finding the best residents, internet connected WiFi cameras for inspections and real-time monitoring and water leak detection sensors are just a few technologies transforming property management.
Ensure the company you choose leverages these exponential technologies to provide you better service at lower costs.
Bridgeport Property Management Fees
Finally, find out what fees are involved once you have an idea of the manager’s services. You’ll want to know if they charge separate fees for different services. You might have a company that charges for all kinds of things or you might find there are only one or two fees.
Here are some examples of exorbitant fees which some property management companies charge:
- Repair markup fees
- property visit fees
- tenant turnover fees
- lease renewal fees
- contract start fees
- contract end fees
- existing tenant takeover fees
- Property marketing fees
- Fee to use owner vendor instead of their own.
In Bridgeport Connecticut, we’ve even seen a vacant apartment maintenance fee.
With this level of nickel and diming, the Bridgeport property manager starts becoming incentivized to over repair and re-rent units often since more fee income is made this way.
Clearly, this is not aligned with the owners interests and frustration is bound to ensue on the owner.
As a result, there is a big opportunity for aligning owner and residential management interests in this business, but a transformation needs to happen first.
We strive to be aligned with our owners and make money only when you do. Idoni only charges a 1-month leasing fee, a 10% management fee, and a renewal fee. That’s it.
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Entrusting the continued management of your property to one of the most reputable real estate management companies Bridgeport, CT, has to offer is not only an incredible investment, but it demonstrates your commitment to providing the best rental experience for your tenants.
When tenants know that providing a safe and well-maintained home is a priority to you, they are more likely to stay as long-term renters.
For over 10 years, Idoni Management has been committed to helping you create positive resident relations, which translates into real profits for you.
Idoni can help you protect your valuable investment and create an inviting rental experience for your residents. You can rest easy knowing that you have the support you need to tackle maintenance mayhem year-round.
Put our experienced team to the test, and allow us to transform your management experience!
Also, feel free to call us anytime at (877) 283-6625. Fill out the form below to get a free property rental audit and introduction to our management services.