When you are screening potential management companies to run your property, you shouldn’t just hire anybody. Here are five absolutely necessary questions you should be asking before making your final decision.
- “How long have you been managing properties?”
This is clearly the most obvious question to ask anyone, but if you are looking to hire a management company you don’t want to take the risk on an amateur for the sake of saving a buck. Experienced and reliable management companies will often publish how many properties they manage in an impressive portfolio.
- “How many people do you have on your team?”
A one-man-show can be impressive sometimes, but the downside is that there’s only one of him. There should be people out in the field, and then there should be people running the operations from an office.
- “Can I get references from at least 3 owners?”
If their current and previous clients are satisfied with this company, then you are moving in the right direction to finding the management company for you.
- “How will you market my property?”
Advertising is important. The right management company will have the right marketing strategy to bring your property to the masses via web, print, etc.
- “Describe your tenant screening process”
This is a critical question because you are putting your trust within a company to pick the right tenants and root out the bad ones. Most management companies have them fill out an application that asks for their income, employment, credit. criminal history, eviction history, and sexual predator history.