Jared Spears & Associates

Property Management

10 Questions to Ask When Hiring a Property Management Company in Dayton Ohio

Investing in real estate properties in Dayton Ohio is a smart move for people who are looking for long-term gains as opposed to quick returns. The management of any and all investment properties you own should always be entrusted to professionals who are committed and dedicated to their work, and know how to handle complex real estate matters that may be challenging for inexperienced landlords and property owners.

It is extremely crucial that property owners in Dayton Ohio know how to search and identify suitable property management companies that specialize in managing the specific types of real estate property they own.

If you are not sure about how to go about the process of searching and choosing a property management company, here are some questions that should help make things a lot easier for you. These questions should be posed to potential property managers who you have shortlisted to look after your property.

First and foremost, you need to establish exactly how long a company has been managing properties in the area. Experience is a key indicator of success and reliability. Obviously, the more experience a company has in managing a investment properties, the more suitable they are to manage your property.

Working with a property management company that handles hundreds of properties in the same area may not be the best idea because your property may not get the care and attention it deserves. It is best to work with a company that has a reasonable portfolio of properties at any given time.

It is crucial that you find out how frequently the company checks or inspects the vacant and occupied units in your properties. As a property owner, it is important that you always have accurate and up to date information on the state and condition of both occupied and vacant units in your properties. A good property management company should be in a position to give you a comprehensive assessment of the condition and status of all units on a weekly or monthly basis.

Inspections can bring to light a number of issues such as potential fire hazards, maintenance issues, damage to units and many others. These issues should not just be reported to you and then no action is taken. A good property management company should have in place specific actions or measures it takes to handle such issues.

Keeping your property in perfect condition should be your number one priority. With that said, it is important to establish how often a property management company undertakes routine maintenance tasks to mitigate property damage, deterioration and degradation. Ask them how many people are assigned to your property and how often they do daily/ongoing maintenance.

Emergencies do happen and property management companies must be prepared for such events. You should inquire on how a property management company handles emergencies in properties such as water and sewer leaks, blocked drains and fires.

If you own a commercial or residential property that hosts multiple tenants, it is important to ask a property management company about their tenant evaluation process. Not all tenants are appropriate for your property.

Just because a company is managing your property does not mean that you should not have access to crucial records and documents such as rent collections, delinquency reports, accounts payables, lease agreements and many others. With that said, ask the company whether these documents will be made available to you when you need them.

Knowing and understanding the state of the local real estate market is necessary when managing a property. A good property manager should be up to date with occupancy rates in nearby properties, average rent rates, common amenities offered and many other important real estate market parameters.

Last but not least, it wouldn’t hurt to find out which area a company specializes in. For instance, a company may specialize in managing residential or commercial/industrial properties.


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