Many people are living in community developments like homeowner’s associations as well as apartment complexes. The need for property managers is growing every day. Property investors also have a need for property managers to look over their rental properties.
Whatever need you have for a property manager you need to ask these three essential questions of those you are considering hiring for the job. You need to choose your manager based on more than just how much they charge in fees, although this is an important consideration to make in the process.
You want to find out how long the manager has been in the business of property management. You also want to find out how many properties they manage in your area. Finally, find out how they handle their accounting matters.
How long have you been in the property management business?
Find a manager that has a proven long-time career in the field. Ask to get testimonials from current clients if possible, if not just a listing of some of the properties that they currently manage. The business of property management can be stressful, so it is not extremely unusual for there to be a high turnover. Still, if this manager has been in the business of management for the same firm for several years, that says a good deal about their competence and ability to remain committed.
How many properties do you manage?
You want to find a company and manager that can handle a good amount of properties but not too many. A really busy firm could have hundreds of properties to handle at once. That may be a good thing even if they charge more for their services. They obviously have the ability to manage properties well. A manager that handles hundreds of properties on their own is not a good risk to take on as they may be too overwhelmed. They may also be working for a firm that is not as organized as it should be.
Do you handle accounting online or electronically?
There is nothing wrong with having regular monthly accounting statements mailed to you. As long as they are correct and received in a timely fashion, the company is doing well to serve you. However, if you can find out if the management company has an online portal where you can view invoices, contracts and so on, you are at an advantage.
Additionally, you could receive your deposit checks straight into your bank account if the company has online accounting services. Another benefit is they can offer tenants or homeowners the convenience of paying rent or dues using a major credit card online lowering the chances of delays due to lost or misplaced checks in the mail.
You will want to find a property manager that is compatible with you or your board, as well. Ask these three questions as well as others and make your decision carefully. You will find the perfect manager in doing so. Contact Benefit National today!