Hiring a property management team can be an extremely stressful experience – after all, as an investor you’ve put a lot of time and money into your property and because of that you want it to be successful – your name is attached to your property.
Hiring a property manager takes a lot of trust and it can be changeling to “let go” and let the property management team do their best work. You have to give up bank account information, social security numbers and other sensitive information to let your property management team do their best work. This isn’t easy to do, and it takes a lot of faith.
Before you hire a property management team and give them access to your property you should ask these 5 questions.
1.) What Services do you offer your clients?
As an owner you need to find out if you are responsible for marketing, leasing, renting and/or selling your property. Is your property management team full service – can they take your property from beginning to end and have everything flow smoothly? It’s important to analyze the services provided and if they make your ownership of this property stress free or full of stress.
2.) Do you have other properties similar to mine?
You want to understand how many units and what other properties your property management team has – it’s also a good idea to tour these other properties and see if they’re up to your standards. Let’s say the property manager handles a 40 unit commercial center that relies heavily on boutique stores … now if you have a property that’s similar to this you can assume that your management team is capable of handling the task of collecting rent for such a similar center as well as keeping everything in prime condition.
3.)How long have you managed your current properties?
You want to ask this question for two reasons; one to see how long they’ve been in the property management business, and two to see what their relationship is like with their owners. If they’ve been in property management for 20+ years but all of their centers have been under their management for less than 6 months it could be cause for concern. Have they recently sold properties for their owners (good) or have their owners left their property management team due to poor service (bad). Time a is a valuable tool – maturity and expertise come with longevity and this is an excellent indicator of the relationship your manager has with their property owners.
4.) How does the Rent Collection Process Work for Tenants?
You want a property management company that is up-to-date with technology. Tenants should be able to pay for rent in convenient, fast, and easily tractable ways. This is a bonus for both you and tenants; it means that tenants are more likely to pay on time due to the convenience factor, and it also means deposits get to your account faster due to cutting down on unneeded bank trips. Paying rent online also makes your property more appealing to tenants looking to rent out spaces; they hear “pay your rent online, have your own tenant portal, see pending fee’s” and it’s appealing to them!
5.) How Do I know the Status of My Property/Portfolio?
Is your property management team transparent with the status of your investment? Are you given a detailed monthly report showing exactly where and how money is being spent? Are you able to call your property management team and talk to a real person without a lot of hassle? There’s nothing more frustrating than an unresponsive or unhelpful team – this is your property and your investment and you should be able to ask questions.
If you looking for a property management team you know who to call – 702-795-7900 Cambridge Group LTD