Landlords and owners can get tired quickly from caring for their properties – either by stretching themselves too thin, realizing that they’re not as handy as they once thought, or simply not having the time to be fixing a hole in the drywall. Searching for a property management company is a daunting task though. There are a lot of options to choose from, each with so many different perks. Across the board, however, there are certain questions you will want to ask each property management company to ensure you are all on the same page.
- Ask for their management history, as well as references. For a professional company, this should be easy to provide. However, don’t be afraid to really research the details they provide for accuracy and call on their references to back them up.
- Ask for proof of licensure and to see their certifications. It’s important for property management companies to be licensed so that if they do anything wrong, you are not held responsible. Property management companies should be up-to-date on any certifications and licenses that are needed for your area, so check your local laws for this.
- Ask them what makes them special. This will give them time to highlight what they believe are the best features they offer – sometimes, this could be your deciding factor between two companies. For example, if one company highlights their great communication with tenants, while another emphasizes their modern rental software and quick property maintenance issue solving qualities, you would probably go with the latter.
- Ask them how well they know the area (AKA: How big is their business?). While there are perks for hiring national property management companies, many times it is better to hire more local businesses. Companies like C.A.B. with a radius spanning New Jersey, New York, and Philadelphia will have a better understanding of what people like in the area and have their own roots and ties to the places around the property, whereas a national company will only be able to provide a generalized understanding of your tenants.
Before ever making a decision, always meet your property management company in person. Nothing will tell you more than coming face-to-face with someone. This type of interaction can tell you how they will act towards others (your tenants), how timely they are (how responsive they will be to problems), and overall how well they communicate with people (extremely important for the face of your property).