Choosing the right residential property manager isn’t a decision you should make lightly since finding effective residential property management is a key component in owning property. Your relation to your residential property manager is going to be long-term, and a lot of trust is needed to make your investment secure. Additionally, selecting the best possible residential property management company could make or break your financial future. Especially when you are new to this field, you should make sure to ask the following questions first before signing up with a residential property management company.
1. How many residences do you manage?
The best residential property manager is an experienced manager with long-term relationships and a history of providing exceptional services. There is no ideal number of properties that indicates the quality of a residential property management company. However, a small number indicates that residential property management is just a secondary job, and not a full time one. On the other hand, if a company has hundreds of accounts, managers tend to lose track of all their properties.
2. How long have you been in the business?
Property management companies with an established history benefit from long-term relationships and an established client base.
3. How many people work for your company?
Although it might be difficult to get an accurate answer to this question, it is definitely worth asking it. If you divide the answer to this question by the answer to question number 1, you will get the total number of properties managed per person. The higher this amount will be, the likely it is that the manager is overextended and important details may slip through the cracks.
4. What types of property do you manage?
Distinctive properties require specialized skills and services – residential property management has to face different criteria if it comes, for example, to luxury properties. There are unique needs associated with luxury real estate since they need even more attention to detail and a high level of service. If you decide to choose a residential property management company having only budget accommodations in its portfolio, a luxury real estate is likely to overstrain the residential property manager.