5 Questions to Ask Your Local Property Management

Fri, 26 May 2023 12:57:13 GMT

A local property management team is a great option for any property owner who doesn't have the time to manage their space themselves. A dependable property manager puts your best interests first, so choosing the right option is essential. Here are five questions you should ask a local property management company before you make a hiring decision.

1. How Many Properties Do You Currently Manage?

It's important you ask how many properties are being managed. However, don't be scared off if the number seems high because the company may have enough managers in-house to handle a large number of properties. Of course, if it is a small, inexperienced office, you should seriously consider if they can handle the workload.

2. What Services Are Included in the Fees?

Your goal when hiring a local property management team should be to get the best value. Finding the best value requires that you evaluate the services that are being offered and don't strictly go by the amount of the fees. Look for added-value services that some companies offer, such as handling leasing and maintenance. An inclusive, comprehensive approach is where you find the best value.

3. How Are Work Orders Handled?

From time to time your property may need repairs. You want to know how those work orders for repairs will be handled. For example, some property management companies will make repairs automatically up to a specific set spending limit without contacting the property owner. You should choose a team that has a process in place for managing repairs that you are comfortable with.

4. Do You Complete Tenant Screening?

Most property management teams have a process in place to vet applicants to ensure highly qualified tenants occupy the property. Ask about how the company does background checks on potential tenants.

5. How Are Rents Collected and Forwarded?

It is important that you know how you will receive payments every month. Ask what days the payments will be forwarded on, what happens if a tenant doesn't pay their rent, and if there are any guarantees. Collecting as much information as you can and asking clear questions will help you to make the right decision.