One of the biggest concerns for multi-unit residential landlords is not being able to keep an eye on what is going on at the property. It is difficult to keep track of one property, let alone several! So, if you are not able to monitor your property(ies) you may want to to consider hiring a property management company--to protect yourself, your tenants and your property.
A property manager can oversee all of the day to day issues involved in managing the property, but before you get started, here are a few questions to ask:
1. What is Their Experience? Is your potential property manager experienced in managing multi-unit rental properties? Have they worked in your area, with the types of tenants you hope to attract?
2. Are They Professional? Do the people at the property management company have professional appearances and do they handle themselves in a professional manner? If you hire a company--you want them to represent you!
3. How many other properties do they manage? If your property management company is large - you will want to know who specifically will manage your property, and what other properties they manage --if you have an individual, you will want to know what their work-load is as well.
4. What is their availability? You may need someone who is available 24/7 to handle issues that may arise at the property. Does your potential property manager have full availability, or work with a company that can take calls at 2 in the morning if necessary?
5. What are their memberships and certifications? There are several organizations that provide certification for property managers - membership means they have completed courses, and or meet certain standards.
6. Are they likable? Having a likable property manager goes a long way, especially since this person will be in change of finding tenants and dealing with complaints!
7. Is there a contract?Make sure you get everything in writing! All good property management companies will have a contract already written up. Review this with your attorney. If you are dealing with an individual, make sure to have each aspect of the relationship written down. You can not be too cautious when dealing with properties and your investments.
8. What will be outsourced? Make sure you have a clear understanding of what will be outsourced by the property management company. It would be unreasonable to think that the same company that paves the driveway will be re-stocking the toilet-paper in the common area bathroom, but this is something you need to be aware of.
9. How will they handle rent payments and disputes? Know ahead of time how the property manager will handle collecting rent, late payments and other disputes.
10. What are their references? Always check references before you sign the contract. Make sure they are references from like-properties if possible.
If you are interested in learning more about Carolina Property Management - check out our website at http://www.kuester.com/