Using a Property-Management Company for the First Time: What to Ask

Whether you've bought apartment buildings as investments or rent several one-family homes, a solid property-management company can offer you a great deal of help with building maintenance and resident interaction. However, if you have no experience with this kind of company, you need information that can help you make the right choice about which management business is best suited to you and your properties. Ask the following questions to get a better idea of what a particular company might offer.

Who Specifically Will Be Handling My Properties?

When you first make contact with a property management company, you may be dazzled by one manager only to discover later that they have delegated your properties to another person that you have never spoken with. If that is the case, you need to meet with this person and find out more about them.

For example, how many properties like yours have they dealt with in the past? What is their professional background? Do they seem like a person who you can trust with the well-being of your residents? Talking with them can help you to be confident that your properties are in good hands.

How Much Time Will Be Spent on My Properties?

It can be impressive to know that a particular company is thriving and has all kinds of clients and deals with all kinds of properties. However, it's a good idea to ask about how many total properties are being handled by the person who will be overseeing your portfolio. You want to be sure that they will be able to give a reasonable amount of time and attention to your residents and your buildings. 

Ask how often someone will be physically present at your properties and find out as much as you can about the specific steps they will take to address resident concerns and problems.

What Is Your Policy for Repairs and Expenses?

Once you're satisfied with the personal handling of your properties and feel confident that the property-management company will be attentive, it's important to ask about how money will change hands for repairs and other expenses. For instance, find out whether the company will simply make repairs and take care of equipment replacements from an account you've set aside for that purpose. They might instead wait for your authorization if an expense is over a certain amount. This will better help you plan your own finances and avoid financial surprises.

These are just some of the questions you might want to ask property managers before settling on the company you want to use. Have consultations with a number of management companies such as Management  Associates in the area and take your time when making your selection so that you can have a reliable partner in the days to come.