Questions you should ask the management companies you are interviewing.
Find out screening is conducted when it comes to finding tenants. You’ll want to know if they use a professional screening service, which we recommend, or if they do it in house.
It’s important to know how long the management company has been in business. In this industry, longevity equals experience, and there is just no substitute for that.
Ask if the company and the property managers are licensed and insured. At the very least, they should carry errors and omissions insurance as well as liability insurance. This is always worth checking.
Find out how many properties the company manages. You might want a relatively small company that manages a hundred or two or three hundred properties, or perhaps you’d prefer a large company. They are all here in town, so you can decide what you’re more comfortable with, and determine whether the management company you’re interviewing fits.
Ask about the frequency of inspections. Your property manager should conduct interior, exterior and drive by inspections at least once a year. Drive by inspections are especially useful, because they can reveal things going on that you may not discover until the next time you are in the property.
It’s important to understand the communication style of a property management, and whether it matches your own. They might email you or call you once a month, or wait for you to call them.
Lastly, you can ask what they charge and what services are included in their fees. This is the last question because if you don’t get a good answer to these other six questions, then it doesn’t matter what the company charges. You’ll find that you get what you pay for, like most any business.
Asking these questions will help you make a correct choice to fit your property. If you’d like to hear more about our services, please contact Eagle Property Management. We would love to tell you more about us.