As much as a property management company can make your life and managing multiple rental properties easier, getting stuck with the wrong one can be everything opposite. The first meetings with a property management company hold immense importance. It is your chance to judge whether the property management company you’re in talks with professional and experienced enough or not.
To help you make the right choice, we’ve listed down a list of some important questions that you should ask the property management company during the first meeting. How and what they answer can tell you a lot about them!
How Much Experience Do You Have In Property Management?
Property management is not an easy job. The first question you should ask the property management company is the number of years they’ve been in the field for. The more experienced they are, the better option they will be. Managing properties is a lot of work, and staying on track can be quite challenging. A fairly new company might get overwhelmed by the amount of work. Therefore, this should always be the first question that you ask a property management company when comparing different companies.
What Services Do You Offer?
All property management companies offer a different range of services. This question is very important to ensure that the company is offering services that you want. Skipping this question might mean a lot of hassle in the future when you finalize everything only to realize the company doesn’t offer what you want.
How Much Do You Charge for Your Services?
One of the most important factors that either make you choose a company or disregard them as a potential option is a fee that they charge. It would be best if you always asked how much they charge for the services you want during the first meeting. If they quote a price that is beyond your budget, you’ll know that hiring them isn’t a possibility. If they charge too low, you might want to consider the quality of their services. Some property managers charge a fixed monthly fee while others charge 8 to 12% of your revenue. Asking the fee is one of the most important questions to ask a property management company during the first meeting.
How Will You Ensure My Property Doesn’t Stay Vacant for Too Long?
One of the many reasons people hire property managers is that they don’t have to look for tenants themselves. Looking for reliable tenants is a huge task that a property management company undertakes on your behalf. You would want to know how the company will ensure that your property doesn’t stay vacant for long, especially if you’re paying them a fixed fee. You should enquire about the marketing techniques they use and see if they can assure you that they’re good at their job!
How Do You Screen Potential Tenants?
The screening of tenants is another critical task that a property management company is responsible for. You’ll want your property to be handed over to someone who has no criminal track record, has permanent employment, and has a good rapport with previous landlords. Therefore, you should ask the property management company about their tenant screening procedure during the first meeting to draw an idea of what to expect from them.
How Do You Collect Rent?
Hiring a property manager basically means you’re trusting them with your property and money. You should ask them questions about their rent collection system so that you can rest assured that you will get your rent money regularly every month. If the company uses outdated methods like payment via cheque, you might want to reconsider hiring them. The most efficient method of rent collection is online payment or direct debits.
When you’re hiring a property management company, you’re basically entrusting your property in their hands. You shouldn’t leave any stone unturned, or any concern left unaddressed. Asking the right questions in the first meeting will save a lot of time and trouble in the long run!
