Questions to Ask A Real Estate Management Company Before Hiring

Before you hire a real estate management company to handle full-service management of your property, you have to make sure that they are the best in the business to maximize the return of your investment. Meeting them face to face is essential because it would be easier to gauge their sincerity and professionalism during a meeting or interview.

The list below of possible questions to ask could help you determine if the real estate management company fits your requirement and of course, your budget.

What services are included in the fee?

This is the first question to ask because if their management fee is expensive, of course you would expect that the services they will provide cover the full spectrum of managing the estate. With this already clear in the beginning, you would be able to continue with the meeting or look for another company with management fees that fit your budget but still not skimping on the services provided.

How do you advertise available properties?

When you ask the real estate management company this question, make sure that you take note and to check the listings after meeting them. When you visit the listings, look at it as if you are a tenant looking for a home to rent and not as someone who has a property that you want to be leased. If you become interested in the listing, it means the management company has done an excellent job of showcasing the properties.

This is one of the most important responsibilities of a property management service. Because if they are not able to market your property effectively, how will you be able to get tenants? Make sure though that the description they wrote matches the property because you would not want disgruntled tenants saying that the listing is misleading.

Which type of property do you specialize in?

There are several property types and knowing the specialization of the company could help you streamline the process of selecting which company could manage your property well. Although most real estate management companies could handle most property types, it is still recommended that you choose one specific to your property. For example, a management company that is used to managing an apartment might not be used to handling a beachfront or vacation house property that is only rented out for short term period. This should also be included in your interview question.

How long does it take for you to get a property rented out?

Of course, there are other factors you have to consider why a property is not rented out immediately but if the real estate management company took several months, there might be something wrong. They might not be able to market your property well or the possible tenants that inquired did not like the way their inquiries were handled.

If and when the company was able to justify the reason why the property is taking time to be rented out (i.e., recession, the price is too high and could not compete in the market, facilities need to be improved), inquire what they could do as the management company to remedy the causes.

Before you go to a meeting with the management company you think would hire, come up with more questions to get to know them better.

 
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