Selecting a property management company is a decision that can have long lasting impacts on your real estate investment. A good property manager can make your life a lot easier while a bad property manager can make you wish you had never purchased real estate to begin with. Having a clear idea of the process will help you save money in the long run. This information we are sharing today will help you select the right company without any painful or costly mistakes.
Take Your Time
Remember that time is your friend. It’s counterproductive to rush through the process. Be comfortable with the idea that the selection process could take several weeks. Start with a list of questions to ask potential property managers and plan on interviewing at least three management companies. You might have several interviews with each of them. Thoroughly interviewing these companies will increase your chances of finding the most compatible managers.
Discuss Legal Knowledge
Remember that property managers are professionals and should be well versed in all the statutory regulations involved in renting out a property. When you talk about your expectations and needs, they may inform you that some of your requirements can run into regulatory constraints. The purpose of this information is to serve you and your long term interests.
Mission and Values
Interview property managers in person. You might gain some information that you can’t get over the phone. For example, you’ll get an idea of their professionalism, dress and attitude. Are they positive and engaging, and attentive to your needs? Can they answer your questions clearly and concisely? When you meet with them, you want to discern the general culture of the company. This demonstrates how they will treat tenants.
Find out about the background of the company and the qualifications of its employees. Understand the company’s mission statement. How well does the appearance of the office and individuals reflect the culture and mission of the company? You can see how the performance of core tasks will be accomplished by meeting individuals and seeing the office. If you’re comfortable, you should ask yourself if the company’s mission reflects what you find important. You are building a long term relationship with your property manager, so you want to do your homework and determine if a company is a good fit.
If you have questions or would like more information about finding a property manager, please contact us at Bayside Management.