For real estate investors and property owners, a key element in ensuring the success of your housing investment is hiring a competent and professional property management company. A reliable firm will keep your tenants happy and your property in good shape while maintaining high occupancy rates. But with so many options out there, how do you know which is the right fit? Here are a few questions to ask when interviewing prospective professionals.
What to Ask Prospective Property Management Companies
1. What Services Do You Offer?
Whether you own a few rental homes, an apartment building, or a large housing development, your professional should be able to handle diverse needs. Check that they provide a wide range of services, from marketing, leasing, and selling your property to vetting potential renters and grounds maintenance. They should also serve tenants promptly and efficiently, and provide open and honest communication.
2. What’s Your Experience?
Inquire about the type and number of properties they’ve managed, the tenants they’ve overseen, and their experience in the business. It’s important to find a company that has handled properties similar to yours so that you can trust them to carry out day-to-day operations successfully. Find out how they solve problems and approach challenges to see if their style is agreeable to you. A good firm is communicative, proactive, and organized, so look for these characteristics in their answers.
3. How Do You Calculate Your Fees?
Management firms collect fees in different ways, so you need to compare calculation methods to see what works best for you. Whether it’s based on occupancy, a flat monthly cost, or some other formula, understanding this and extraneous charges will prevent confusion and disagreements later.
4. What Is Your Typical Vacancy Rate?
If a property management company has many units vacant, or units empty for a long time, consider that a red flag. They may be charging rent that is too high, or their properties might have a bad reputation because they’re poorly run. An online search is useful to find complaints or compliments made by previous tenants, which will help you gauge the satisfaction of occupants and the likely turnover rate.
If you are searching for property management services, turn to the experienced professionals at Associa Hawaii in Honolulu. With 24/7 response, expert property maintenance, and comprehensive real estate services, they’re the leader in community management. To speak with a representative and schedule an appointment, call (808) 836-0911 today, or visit their website to learn more about what they offer and what sets them apart.