There are many questions an owner has when searching for a management company. In the process of weighing cost, reputation, and reliability, it can be easy to overlook an important element: compatibility.
Property owners’ wants and needs can vastly vary. State law dictates the primary functions a manager must perform and outlines many of the corresponding procedures, but there are still many facets to management that look different from business to business and person to person. Your property is your investment and there are many different investment strategies.
Finding the “best” property management company is finding the management company that best matches your style and needs as an owner. Here are 10 questions that can help you determine whether a management company is a good fit for you:
- What is the organization’s management philosophy/objective?
- How long am I locked into a management contract?
- Who will I be dealing with?
- Who will my tenants be dealing with?
- Who takes the call and what specifically happens when a tenant has a problem at 2am?
- What types of reports are available to me as an owner?
- Who performs maintenance, and who makes maintenance decisions?
- What is the organization’s approach to maintenance and tenant requests?
- What is the organization’s approach to preventative maintenance?
- What happens if I disagree with a decision that has been made?
There is no “right” answer to these questions. By asking the questions and having the conversation, you can get a much better understanding of your compatibility. Finding a company you are compatible with directly impacts your satisfaction as a property owner and the success you achieve. Set yourself up for success.