Questions to Consider Before You hire a Property Management ServiceA property management service should be everything you can hope for. This guide includes some thought-provoking questions that help you to successfully build a relationship with your property management and your tenants, and above all result in a successful real estate investment. This guide includes questions and advice about hiring operations, establishing policies and procedures, building a communication strategy, outlining expectations, and introducing your new property manager. Questions to ask potential property management:
For example, can they inspect, administer background checks, market, lease, manage and sell your properties?
You want to understand their size, and their potential ability to meet your needs.
Can this person efficiently help you with your investment property?
A property manager should be able to determine possible rent prices founded on a comparable market analysis based on your property’s amenities and location.
It is always important to understand the terms and conditions of a contract, and how to be released from them.
It is essential to understand your monthly charge, as well as the pricing options. How does the management fee work if the property is vacant? What motivates your property manager to fill vacancies?
Some companies offer a flat rate fee for their services, even if your property is empty.
A quality broker would never require you to sign a contract that forces you to use their services, should you ever chose to sell. Beware; some companies have this detail in their contracts. Expectations: When hiring property management, it is important to establish expectations right from the beginning. Having a clear a set of expectations is a critical first step to developing a successful relationship between you, the property manager, and the tenants. It is vital to outline assumptions, and have a full understanding of how your property manager is going to take care of your real estate investment. Establish policies, procedures & expectations:
Communication Establishing a communication strategy in the begging of a real estate investor and property management relationship ensures that there won’t be miscommunication issues in the future. It is important to sketch your expectations and assumptions on how frequently you expect to receive updates. Let your property manager know if you want updates over every single detail, or if you feel that no news is good news. Establish a communication strategy:
For example, agree to receive updates once a month, quarterly or semi-annually
For example, identify a list of notification expectations scenarios, like if you want email notifications on every detail or vital information only. Build a building file As a real east investor, you want your property management to be familiar with your property. The best way to guarantee that your property manager is familiar with the fundamentals of your property is to do a full inspection. In an ideal case, your property manager should be able to produce a building file of the property. However, it never hurts to understand the essential details of what a building file should include. Essential building file items:
Roof & windows Heating source & hot water tank Water shut off Central air system Pool Maintenance Introductions After you have selected a property manager how are going to introduce them to the tenants? Establishing a relationship between the property manager, and the tenants are vital to cultivate communication and a successful rental experience for everyone involved. Tenant Introductions:
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