Interest rates may be rising but real estate remains one of the most lucrative small businesses!
If you want to get the most out of your property investment you need to be smart about it and take care of your property. One way to manage your property well is to hire a property manager.
When you hire a property manager you will be entrusting them with one of your biggest assets. You need to make sure that they are up to the task.
Here are some questions that you should never neglect to ask before hiring a property management company.
1. What Services Do You Offer?
The services that a property management company offers will help you to decide whether or not you should hire them. You need a property management company that can manage your property and market it as well.
Additionally, any property management company that you select should provide good maintenance services, be able to conduct inspections of the units, and do proper screening of potential tenants.
2. What Experience Do You Have?
Experience is important and before you hire a property management company you need to know not only their experience but their reputation as well. Ask to see references or testimonials from other clients that they have had in the past.
If they are online they may also have customer reviews. You can check these as well to ensure that you are hiring a company that has a good reputation and is capable of managing your property.
3. What Fees Can I Expect?
The fees that your property management company charges you should be affordable. You should ask questions about the average monthly fees or a flat rate. Be aware too, that some property management companies will charge you based on the price of the rent.
You also need to ask if you have to pay when the property is vacant. In many cases when you have to pay a flat rate this will be expected.
Once you get a quotation on the rates you can expect, ask if there are any miscellaneous fees.
4. How Is Reporting Done?
When you give somebody your property to manage you want to make sure that you are always kept abreast of the latest information about it. This is where reporting comes in.
Your property management service should give you regular updates about your property. They should be informing you about maintenance schedules, you should know about tenant issues and how it was dealt with, and about the general upkeep and maintenance of the building.
Select the Right Property Management Company
Selecting the right property management company is critical if you want to make sure that your property is well taken care of. Asking the right questions is the first step toward making the right choice for a property management company.
Listen carefully to the answers that you receive to the questions that you ask. The answer should be direct and not evasive. Once you are satisfied with the answers you can then go ahead and hire the company of your choice.
If you would like help with property management please contact us.
