Hiring a property manager in Melbourne, Florida
can seem a bit overwhelming. There are a lot of choices, and everyone is probably making big promises. If you’re like most property owners, you’re looking for a team of professionals with local and industry experience, a fantastic reputation, and excellent communication skills.
RE/MAX Elite has been providing world-class property management service to Eastern Florida since 2006. We serve all of Brevard County, including Melbourne, SunTree, Viera, Palm Bay, Merritt Island, Cocoa Beach, Rockledge, Satellite Beach, Indialantic, Titusville and Mims.
During your initial interviews, we think you should ask a potential property manager these 10 questions. Their answers will tell you what you need to know about how they do business.
1. What is your property management experience like?
You want to work with an experienced Melbourne property management company, but don’t be too impressed by the number of years they’ve been in business. Get to know what kind of experience that entails. Has it all been in south Florida? Has it been with the types of property you own?
2. How do you handle tenant placement and screening?
The tenant in your property will determine whether you have a successful or a stressful rental experience. Ask about tenant screening and retention. You want to know what they’re looking for when they choose a resident for your property.
3. How is rent collected and paid?
Rent collection is an important part of property management. Find out when it’s due and when it’s considered late. Will a tenant have to pay late fees and if so, who keeps those late fees? Ask about how eviction is pursued and prevented.
4. Who responds to maintenance emergencies and routine repairs?
Some management companies have their own vendors and others use outside vendors. Find out how the property manager handles repair requests and whether they are available 24 hours a day to respond to emergencies.
5. What types of vendors do you work with?
All vendors should be licensed, insured, and experienced. Property managers who try to cut corners and save money can end up putting you at risk and costing you more than is necessary. The liability you incur is not worth the few dollars you might save.
6. How do you handle the accounting associated with my property?
A full-service Melbourne property management company should be able to keep careful accounting records. You should receive detailed statements that outline the income and expenses related to your investments. Make sure you can access this information online through a portal or a software system. You’ll still want to consult with your CPA or tax attorney, but basic rental property accounting should be included in the services a management company provides.
7. How do you leverage technology?
Property management software has become sophisticated, and a good management company will use it for marketing, screening, repair requests, rental payments, inspection reports, and communication. You want to work with a modern management company that’s flexible and innovative.
8, What have you learned about the Melbourne rental market?
Look for a response that demonstrates the property manager you’re talking to has a good understanding of the local trends and the tenant demands. You need someone who is knowledgeable and in touch with real estate and rental homes in your area. Their answer will also show you if they focus on vacation properties, long-term rentals, multi-family units, or everything in the residential market.
9. What sets you apart from other Melbourne, FL property managers?
Every property manager you talk to will tell you about their extensive screening process and their on-time rental collections. Find out what makes them different. How do they manage your property differently, and what do they offer that other companies can’t? That’s where the real value can be found.
10. How are your leasing and management fees structured?
Everyone asks about fees. Save it for the end, though, when you’re sure this is a company you’d like to do business with.
These are questions we hear all the time, and we’d be happy to answer them for you. When you’re looking for professional Melbourne property management, please
contact us
at RE/MAX Elite.
