If you are hoping to be a landlord, you must work with a property management company. While they will keep your asset in good shape, they will also deal with any tenant-related matters as well.
As with all types of companies, some are better than others. The demands of landlords and tenants change as the property markets evolve. Having a guiding force through it all is key. It is important to work with the very best property management professionals for the best results.
To find the most suitable experts, here are the 5 questions you should ask before hiring a property management company today.
Are Reviews Conclusive?
Property management companies work with many clients. They will each have impressions of how the business met their needs.
Try to gauge these opinions. You will find them online via discussion boards. Moreover, you could also source recommendations from any landlord friends. Ask if the property management company is reachable for guidance and support? Who would they recommend if not?
Ask the property management company for testimonials directly. Analyze how they respond and decide if you can trust them any further.
Can You Authenticate Their Paperwork?
Every business has a paper trail to operate safely and lawfully. Property management companies are no exception.
Do they have the correct certifications to make them qualified? What are the qualifications of the staff members that you will deal with directly? Has the property management company followed mandatory procedures by taking out liability insurance? The more thorough you are, the more assured you can be that you are working with a legitimate business.
What is Their Level of Experience?
Investigate the experience of the property management company. Ask for clarification if there are any grey areas that you are unsure of.
Enquire if they have looked after properties like yours in their history. Try to see how long they have been in business. Can they forecast how the management of your property might be carried out before any concrete plans are made? They should be able to assess how your working relationship might develop roughly.
Ask about how many clients they have already. You may want their undivided attention and hope for fewer clients. If they are higher profile, that is promising, but know that low caliber clients on a shorter list could suggest inexperience.
Is There A Good Range of Services?
Property management companies are logistically challenging to run. If they provide a myriad of services, it could show that they are a more credible business for landlords to be working with.
Companies like ADCP can support landlords completely across every step of their journey. Landlord and tenant issue resolution, financial services, service team management, and much more can be accessed here. It highlights their devotion to the business and makes your life as a landlord much more manageable.
Are There Hidden Costs Involved?
Some property management companies incur unexpected charges. Sometimes, additional fees can be found with maintenance, eviction notices, pulling out of contracts, vacant properties, and more.
Each business will price things differently. Remember that full disclosure is important before commencing any working relationship with a firm of any kind. Always ask about pricing information and structures if you are uncertain at any stage.