If you’re in the market for a property management company, it’s important to take the time to do your research, in order to learn about each potential candidate. After all, there is a big difference between hiring the first property management company you come across — and hiring a good property management company. Your management company is not only there to manage and protect your assets, but they are also a direct reflection of you.
Here, we’re going to look at what qualities you should look for in your property management company, as well as what questions you should ask — and what you should stay away from. While working with the right management company can definitely make your life easier, working with the wrong one can be a nightmare.
Consider the Long Term Relationship
When hiring a property management company, you want to hire a company that you can imagine working with for a long time. Similar to hiring an employee, you’ll want to establish and build a long term relationship with your management company.
First, you’ll want to make sure that the company has a relevant background and experience in what you need from a management company. Overall, you want to make sure that the company is a good fit and that you can imagine working with this person for a long time.
You also want to be sure that you get along with your property manager on a personal level. Your property manager can be so much more than just a person who collects rent and fields repair calls, so when it comes to long term planning for your property and being on the same page for systems and processes, it helps to know that you and your property manager work well together.
Questions to Ask Potential Management Companies
The more information you can gather about your property management company, the better off you’ll be — and there’s no better way to gather information than by asking the right questions. Here are a few questions you should consider asking your property management company, before signing any type of agreement.
What is your process for screening tenants? It’s no secret that a bad tenant can be not only frustrating but a financial burden, as well. The right management company will have a set process in place for screening potential tenants and will make sure that each tenant meets your specific qualifications.
What is your current vacancy rate? Look for a property management company with an excellent vacancy rate, which will serve to help your vacancy loss. Also, you want to work with a company that gets properties on the market quickly and efficiently. Be sure to ask about the company’s entire leasing process.
What types of policies and procedures does your company have in place? You can tell a lot about a company by the procedures and policies that they choose to put in place. There are obviously a number of different things to juggle when managing properties, so you want to make sure that you’re working with a company that is organized and efficient.
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