Finding the right property management company can be a challenge. When you’re on your search, here are 5 questions you should ask to make sure you’re choosing a winner:
- Do you have previous experience with this type of building?
Every building is unique and presents one-of-a-kind challenges. Whether you’re talking about a three-flat or a condo high-rise, one of the best predictors of success for your property management company is prior experience with a similar building style.
- Do you know the neighborhood and have other buildings nearby?
Each neighborhood has its own issues to deal with. Is security an issue? Do snow plows always leave your neighborhood for last? Knowing these things will help your property management company do its job more effectively.
- Tell me about a time you had a problem with a tenant, and how you resolved it?
This question will tell you about how the company interacts with tenants, and how well they’re able to manage potential human problems that arise in the building.
- What is your average response time for repairs, both emergency and non-emergency?
For emergencies, the answer should be under four hours. The answer for non-emergencies will be telling, since that’s the response time that separates great property management companies from everyone else.
- Why should I let you take care of my building?
This general question will give the property management company a chance to list any other reasons why they deserve your business that you may not even be aware of.
These 5 questions are by no means exhaustive, but they’re a great start to finding the right property management company for your building. Be sure to ask them of all potential candidates you’re considering.