Owning and investing in real estate property is an excellent option for those interested in making a long-term commitment. Another important aspect of hiring these professionals is the fact that they are fully knowledgeable of all the ins and outs of the real estate business and perfectly capable of dealing with all kinds of complex situations.
If you are a landlord seeking a reliable property management company, it is of the utmost importance that you know how to properly interview and select a good service, one that specializes in managing investment properties such as yours.
If you are not quite sure as to how to do that and what to ask before you actually sign a long term contract, try asking some of the questions we will mention in the remainder of the article.
What is your property management experience?
Start by inquiring about the experience and the longevity of a property management company. In order to make an informed decision, you will have to ask for how long a company has been in the property management business.
What is the number of properties you are currently managing?
Hiring a property manager or a company that is currently handling thousands of property units could be a somewhat risky solution. Keep in mind that such companies can easily get overwhelmed by the sheer number of management tasks, which means your property can easily end up being lost in an ocean of other real estate properties.
How do you handle information obtained from inspecting property units ?
This is one of the most important questions you should ask a management company. Before you hire one, you need to be sure it has all the important policies in place, in regards to the various kinds of damages to the units caused by tenants. You will see no benefits from simply having a property management company report to you that your units were inspected. You will need a company that has an aggressive and sound plan of action, based on the info gathered from unit inspections.
How frequently do you inspect vacant and occupied units?
It is also important to know how frequently a company will inspect occupied and vacant units. The reasons behind the importance of this information lie in the fact that you need to know whether there will be a regular and comprehensive assessment of any damage caused to your occupied property units. You will also have to know the frequency of vacant unit inspections, so as to prevent any damages caused by fire, flooding, etc.
How do you handle regular maintenance?
Make sure to inquire whether the company will assign at least one dedicated maintenance technician to oversee the condition of your property. If your property requires more technicians, their number should be based on the number of units and the size of your property. You should also know the level of engagement from the maintenance supervisor, as well as their role in making sure all the maintenance problems are being properly addressed.
How do you handle after-hours emergency situations?
Finally, do not forget to ask a management company to explain their procedure for handling after-hours emergency situations like fires, water leaks, etc. Make sure to ask whether there is a dedicated after-hours phone line which the tenants would have access to, in the case of an emergency.