We’ve put together a list of questions that you should ask any property management company that you are considering to lease and maintain your investment property. Knowledge is power and gaining answers to these significant questions will ensure that you come out on top with the most qualified property management company working for you.

The first inquiry you should make with any property management company that you are considering is to find out how up to date they are with the local market trends for rental properties in the area. 

A quality manager will have a vast knowledge and understanding of the rental market your unit is in, and they will regularly do comparison analysis and update their information. Having the right data is a key factor to making sure that you are asking the right price for your monthly rent. Too high of a price, may take you out of the running when prospective tenants are out apartment hunting, and too low of an asking lease fee may find you locked into a lease agreement with lost potential revenue.

 

There are times during a hiring interview when it may be difficult to ask a property manager about other companies that are doing the same thing. You may feel like you will offend them, or you might not want them to know that you are shopping the market. Regardless of the reason you feel uncomfortable, a quality and professional company will be happy to address your questions and concerns. And although they may not give a glowing endorsement for their competitors, a reputable management company will not highlight the competition’s weaknesses, but will instead focus on highlighting their own strengths. This kind of positive outlook is the type of team you want representing your property. Your future tenants will appreciate it.

Most of the time, each individual management company will have an area they excel in most frequently. Learning what these strengths are is important in order to help you decide which company will best suit your unique property needs. Hopefully, they will highlight the reasons why they will be the best for you. 

You shouldn’t hesitate to ask for references from them as well. Other clients who have a current working relationship with them will be extremely beneficial for you to talk to as you maneuver through the decision making process.

Everyone knows the saying, “You get what you pay for.” This is no different when considering which property management company to choose. Oftentimes, new companies just starting up may offer a lower percentage rate to manage your investment. While those saved dollars may add up, the lack of experience may end up costing you more in the long run. Choosing an experienced company with a solid, trustworthy reputation may result in your unit being rented more quickly and with a higher tenant satisfaction rate, thus leading to executed lease agreements and continued renewals. 

With that heads up being put out there, you don’t necessarily have to cross the younger company off your list. Just be sure to do as thorough a job as possible at scrutinizing their success with the smaller amount of clients they can offer as referrals.

This answer to this straightforward inquiry will tell you a lot. If a business has been viable for a significant amount of time, then they must be doing something right. With so many property management companies trying to get a piece of the rental market pie, a company that has been thriving for a significant period indicates that they have a good working relationship with other property owners they manage for, as well as with the tenants who are renting from them.

Don’t hesitate to ask any question that you have on your mind during the question and answer portion of the “interview “ you are conducting. Knowing the right questions to ask, lets the person you are interviewing know that you have done your homework, and that you are on top of your game. The reason you have the investment property in the first place is to increase your personal revenue, and you deserve to know the answers.