Your property is your investment, and it is critical you have the right property management company who is going to handle your venture correctly. The company you choose will help you make a profit on your acquisition, or they can manage it badly and cost you a lot of money. It is vital you choose wisely. Here are the top six questions you want to ask.
How many units do you manage, and how many employees do you have on those properties?
The ratio is what you are looking for in their answer here. Just the overall size of the company is not going you give you the information you need. A company with a good ratio of employees to units is going to give you the best service, no matter the overall size of the property management firm.
How will you have access to the team, and how often will reports be available?
There are a lot of automated systems out there, and not all are created equal. Make sure the company you hire has software you are going to be comfortable using and one that will give you the access to the team and reports you want. Ask for a demonstration if you are not familiar with the system they use.
Do the company owners own any rental properties themselves?
Some landlords consider this a dealbreaker, and we would agree. If the owners are not intimately familiar with the challenges of being a landlord, they are less likely to be able to manage your investment well. How they take care of their property should be a good indicator of how they will treat yours.
Do you have references?
Asking for references can seem like a no-brainer, but it is an important one to ask. Request testimonials and check out their reviews on Google and Facebook. Don’t be afraid to ask follow-up questions on negative reviews. How they handle those questions can reveal a lot about a company.
What services are included?
A property management firm may call themselves “full-service,” but that often means something different from company to company. Make sure the services offered and the associated fees are clearly explained in detail. Again, be bold and ask for clarification on any wording that is not clear.
How are maintenance issues handled?
Any property management company worth hiring will have a solid procedure in place that is easy to understand and in which the fees are clearly noted.