Questions to Ask Property Management Companies
When you seek a new place to live, you may have a lot of questions about the apartments or homes you find. The people who own these places or provide rental services are property management companies. They generally have listings of properties for rent. But before you sign your lease, be sure to inquire about several important things.
Neighborhood
Knowing beforehand about the type of neighborhood the rental is located in is important for many reasons, including safety. Most of the managed properties are residential homes rented out by their owners. Homeowners and people in real estate may choose to rent out their properties for income. Some may rent their homes because it is more effective financially than selling their properties. They also may choose to do this because the neighborhood became undesirable or unappealing. Checking out the neighborhood's atmosphere for a few days is a good idea before signing a lease.
Maintenance
If you do not plan on mowing the lawn or taking care of the premises, be sure to ask the property management if they do. A number of residential home renters end up maintaining the property because management does not provide this benefit. It may save property managers money if they have the tenants do the yard care. However, this does not apply to apartment complexes.
Rent Increase
Your rent may go up when you renew your rental lease. Ask management if this will happen and how much of an increase should you expect to pay. If you live on a budget, any raise in your rent may present a problem later. Always get their answers in writing to protect your interest.
Lease Longevity
Most property management companies rent places on a long-term basis. There are some companies that represent homeowners who may choose to return to or sell their property in the future. If you do not want to move in the future, be sure to ask management two things:
- How long is the lease? If it is short-term, how long do you have to move when the lease is up?
- How long do the owners plan on renting their property?