Property Management

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.

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.