When hiring a property management company there are many things to consider. Below we’ve included a list of ten important questions you want to ask yourself prior to hiring anyone to manage your property.
Does the company have experience or units currently under management that are in the same area as your property?
Does the company employee in-house staff or outsource to maintenance company?
Does the company employee in-house staff or outsource to a third party?
How is the company’s accounting system set up? Is it complimentary to your current accounting system and processes?
How does the company collect rents? Owner Portal system for visibility. Overall use of technology? The best tenants expect to engage with you the same way they order a cab (Uber) or order a pizza (Domino’s app).
How much transparency does the company provide? How involved do you want to be? What do you want to personally approve versus allowing the management company to decide? What type of real time transparency can the company provide with rent collections, delinquencies, etc.?
Who do I get working for me, in the trenches? Do I mesh with the actual property manager working on my account?
How does the company keep the property owner updated on the operations of the property? What does recurring communication with the owner look like?
Does the company fit the owner into its operating platform or can they customize to suit your specific needs? Is the company nimble enough to match or adapt its offerings to your wants and needs as owner.
How does the company cultivate trust with its clients?– Ask questions regarding your average client tenure and review the management contract closely. If the company is reputable they should be willing to have a 30 day cancellation provision in their management contract – If you’re not happy, you should be able to cancel without penalty.
2355 Main Street, Suite 120
Irvine, CA 92614
DRE #01125540
714.541.0288
info@fairgrovepm.com
