So, you’ve decided to hire a property manager! Congratulations! You’ve made a great decision.
However, it’s important to realize that not all property management companies are created equally. Levels of experience can vary widely, as can the rates that property managers charge. Some may leverage new technology, while others may be operating the same way that they did decades ago.
Just as you’d do your due diligence on an investment property, you should do your due diligence on prospective property management companies. After all, they’re who will be caring for your investment on a daily basis.
Here are 5 questions you should ask any property management company you are interviewing.
- Which areas does your company service?
A lot of property management companies fall down because they spread themselves too far and too thing. At Welcome Home we focus on Hamilton & Niagara only. We’re asked all the time if we will manage properties in this town or that town. While tempting, we’re focussed on doing a great job and working in areas we know well.
- What’s your procedure for qualifying tenants?
This is a great question to ask. As an investor you want to learn whether the company uses background, employment, credit, and landlord reference checks as part of their screening procedures.
- How many rentals do you currently manage?
You want to ensure that the management company is able to take on your property. Do they have the staff to take on your properties and do a good job? At Welcome Home we keep our portfolio manageable so our team can do a good job.
- Will you be able to provide me with investment advice or help me to grow my portfolio?
Absolutely. Not only are we investors ourselves but we have licensed realtors and brokers on our team. Welcome Home will be able to help you to identify market opportunities—whether through the purchase or sale of assets—and help you to position your assets in a way that maximizes your return on investment.
- Do you personally invest in real estate?
Our motto at Welcome Home is Property Management for Investors, by Investors. You want a management company that also invests in real estate. It’s key! If they do, that’s a good sign—it indicates that the property manager has an investor’s mindset and will hopefully care for your property the way that they care for their own.
These are just 5 important questions of many you should ask a prospective property management companies. Also, we have a great report on our website on how to hire a property management company which I would highly recommend. If you’re interested in learning more, you can download your FREE copy here.
And as always, if we can ever help, feel free to reach out to our team.