As a real estate investor, you should be thorough in decision-making in various aspects. This entails good management of your property. If you have few properties, you should consider taking up the management role. However, if you have expansive real estate, it is prudent to hire a property manager.
Given the plethora of property management companies, it is advisable to weigh your options before picking one. That said, here is a list of 20 questions to ask property managers to determine their competency.
Inquiries on Property Management Companies
How much do you charge?
Who are your References?
What is your Staff Size?
How many properties do you want the company to manage?
What duration have you been in the industry?
Which systems do you use in your company?
Who manages damage deposits?
How much do you charge for evictions?
What is the turnaround duration for your property?
What is your advertising strategy?
Who are your financial partners?
What To Ask About Your Partners
Do you run a criminal background check on your tenants?
Do you keep in touch with your tenants?
Which criterion do you use when picking tenants?
Do you document the condition of your property?
Is there a tenant placement guarantee?
Questions on Repairs
What protocol do you use in handling repairs for tenants?
Is there a threshold dollar amount for offering repair services?
Who is your preferred repair expert?
Which philosophy do you use when undertaking repairs and replacement?
Importance of Vetting Property Managers
Some real investors are quick to delegate the managerial role of their properties to property management companies. This can backfire, especially when working with untrustworthy property managers. It is crucial to scrutinize available options before designating these duties to overcome this hurdle. Park Cedar Commercial is your to-go-to partner on property management services.