As professional property managers in Contra Costa County, we get a lot of questions from our current clients and our potential clients. We’re always here to answer any of your questions, and today we want to run down the list of top five questions that we commonly hear from owners and investors.
1. How much does property management cost?
You can probably guess what the most frequently asked question is. How much do your services cost? We have talked to a lot of other property managers, and we know this is a popular question. At Stokley Properties, we post this information on our website. We want people to know what we charge before they take the next step of calling us. We think it’s important to have this information out there and to be transparent.
2. How much will maintenance on my property cost?
The second and the third most popular questions revolve around maintenance and its costs. Things happen, and you’ll need repairs and replacements at your property. At any moment, a garbage disposal or a window could break. Your doorbell could stop ringing or your water heater could explode. People often ask if there’s a mark-up on maintenance services and how much they’ll have to budget. Owning a rental property is like running a business, so you need to know your potential expenses. We’ll talk to you about the age and condition of your home and tell you what to expect in maintenance costs.
3. What kind of vendors do you use?
This is another good question. You should always ask a property manager where they find their vendors and contractors. You want to work with licensed, professional, and insured companies only. Not only does this guarantee you’ll have a high quality of workmanship, it also means your risk and liability is reduced.
4. How much will my property rent for?
We have a pretty good idea of how to price your property. It’s always smart to go and see the properties ourselves, but we also understand our area really well. We manage homes in every part of this county, so we can use our own statistics to get a rental range for your home. We also take other factors into consideration, such as location and amenities. If your home is operational and clean, you’ll earn a good rent. Everyone thinks their property is the best one on the market, and owners usually want to charge an extra $100 or $200 per month. But, renters are savvy. They have access to the same information as you. They know what they should be paying in rent. We consult with our clients to price the home competitively and according to what the market will bear.
5. How long will my property be vacant before we find a wonderful renter?
The answer to this question has a lot to do with price. When you have your home competitively priced, it will rent faster. If you’re trying to experiment by charging an extra $100 or $200 per month, you’ll probably wait a little longer to place a great tenant. The market matters. If inventory is low, you’ll rent your home quickly. But, if there are lots of properties just like yours on the market, you may have a longer vacancy period.
We’re here to make suggestions and help you through the process of renting out your investment property. If you have any questions, please contact us at Stokley Properties.