Owning mortgage investments is a great option for those who want long-term commitments rather than short-term speculation. The management of such an investment should always be entrusted to dedicated and committed professionals who know how to deal with complex situations that are often overlooked by inexperienced owners.
The most important thing for homeowners is to know how to choose and interview a residential property management services Colorado Springs company that appears to be the one that specializes in the type of investment they want.
If you’re not sure what to ask your potential agent
before committing to a long-term contract, here are some questions you can use as a guide.
1. What kind of property management experience do you have? You need to know how long the asset has been managed and whether the rest of the team has sufficient coverage.
2. How many properties do you currently manage? Hiring a property manager to manage thousands of units can be risky, as your property could end up lost in a sea of other properties.
3. How often do you check booked and free rooms?
It is important to know how often inspections are carried out in acquired companies. The reason you need to know this information is that you need to be sure that a thorough assessment has been made of potential damage to the properties occupied by the tenants. You also need to know how often you check empty rooms to avoid the potential risk of fire or other hazards. Trust me, I’ve seen fire in empty rooms.
4. What do you do with the information you get from unit inspections? This is very important to ask because you need to make sure the property management company has policies in place to cover damages caused by tenants or their guests. It wouldn’t help at all to just tell you that all units have been inspected unless there is a strict policy on unit inspection.
5. How important is preventive maintenance to you
and how does your company manage it? Without advance planning, a lot of damage can happen to homes and it can be expensive. Your property inspector must keep a preventive maintenance log documenting all items inspected and treated, as well as the maintenance inspector’s signature certifying that all required work has been done.
6. How do you feel about continuous/daily maintenance? You must determine whether your property will be assigned one or more maintenance technicians (depending on the size of the property and the number of units). It is also important to know the maintenance manager’s level of commitment (if any) and his role in ensuring that all maintenance issues are addressed.
7. First aid after class. Ask the property manager to explain
how to deal with emergencies such as water leaks, fires or other hazards. Ask if there is a phone number that tenants can reach.
8. Tenant selection process. You need to find out if the property management services cost Colorado Springs has a tenant selection policy that can be tailored to your property. The TSP helps define the requirements that prospective tenants must meet in order to rent them an apartment. You can also be involved in developing recruitment criteria to ensure that only applicants who meet your criteria are hired. Remember that both you and your landlord must follow and comply with the Fair Housing Act. The property manager must know the words that should be used and avoided when announcing vacancies and interviewing applicants.
9. Transparency. How can I check late fees, criminal records, credit, etc.? As the property owner, you must define how often and what kind of information the property manager must provide.
10. Property analysis.
Are your managers buying similar properties to determine neighborhoods, average rents, amenities, specials, etc.? Please note that not all property managers perform this task.
11. What is your favorite lesson? It is important to remember that there are many specialties in asset management. If you own commercial real estate, you probably want to stay away from real estate agents who only have experience property management Colorado Springs multi-family or apartment buildings. The most common real estate specialties are: single-family, multi-family, apartment, association, commercial, medical, commercial and industrial.