When the rigors of managing your own Michigan rental property become too much, professional property management in Detroit may be the answer. No longer will you have to worry about staying on top of changing tax regulations and state requirements. Experienced professionals will do that for you. But how do you choose the right property management company for you?
Begin by asking the same questions you would ask of any business that you were going into partnership with: How long have you been in business? What is your philosophy? Do you have references? What are your fees, and what do they include?
A company's history and philosophy will give you a window into how they operate and how well they operate. Ask to speak to other clients who own Detroit rental properties similar to your own, and ask about the company's strengths and weaknesses. If they are unwilling or unable to let you speak with other clients, this may be a red flag.
Ask what the fee for the services will be, and how it will be paid. Will it be subtracted from the rent? Will you be paid monthly? Will you be paid by check or by electronic funds transfer? Are maintenance costs included in the fee or billed separately? What about advertising costs? Does a statement arrive each month outlining your Michigan rental income and expenditures? How are rent monies collected, and where are they held? Are they kept in an escrow account and released to you on the same date each month?
Hopefully these questions will provide a starting point in the interview process. If you feel comfortable with the answers, you will likely feel comfortable with the Detroit property management company you choose.
