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What to Ask Before Hiring a Manager for a Condo or Commercial Property

Whether you want a property manager for a commercial property or condominium property, finding a good property manager is essential. For this, one must ask some questions to make sure that the property manager is professional or not. Read the given presentation for detailed list of these questions.

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What to Ask Before Hiring a Manager for a Condo or Commercial Property

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  1. What to Ask Before Hiring a Manager for a Condo or Commercial Property

  2. For property owners, good property management is a must-have. However, finding a good property manager (company or team) can be complicated. The hiring process should be so thorough that you hire the most reputable, capable manager. Fortunately, there are some questions that can ensure you achieve this, while streamlining your hiring process. Below is a detailed list of these questions.

  3. Questions about Marketing and Communication Before hiring a company for commercial or condo property management, you must know how they plan to communicate with you and market your property. Important questions to ask during the interview process, include:

  4. What are your methods of communication? Knowing how your property manager communicates is important because good communication is tantamount to good management. If you can’t reach the management team directly or if your messages aren’t answered promptly, it could cost you time and money. Hired managers should not only answer you promptly, they should also provide systematic updates. This includes monthly revenue and expense reports.

  5. How will you market the property? Marketing is a major component of real estate success. And it’s the manager’s job to provide the resources and methods for successfully marketing your property. Be sure to hire a company with extensive marketing experience, including expertise in online marketing. However, their marketing packages should be as beneficial and affordable as possible.

  6. How will you market the property? Marketing is a major component of real estate success. And it’s the manager’s job to provide the resources and methods for successfully marketing your property. Be sure to hire a company with extensive marketing experience, including expertise in online marketing. However, their marketing packages should be as beneficial and affordable as possible.

  7. How do you set the right rental rate? Asking this question will help you determine each candidate’s knowledge of market trends. Remember that your hired manager should base rental rates on key influencers, including: area comparable properties and fluctuations in the local market.

  8. Questions about Property Care Property care should be a major concern for every property owner. Therefore, you should ask your prospective property managers some questions about their maintenance and property care policies. For example:

  9. How do you handle damaged, vacated property? This question will tell you how a manager handles damages on your behalf. When a property is vacated (for any reason), the manager should perform a walkthrough with you, mark damaged areas, and ensure the property is returned to peak condition. This will ensure a vacated property put back on the market as soon as possible.

  10. How often do you perform formal inspections? Formal property inspections with condition reports should be performed annually or every six months. A manager that offers more than this may be inexperienced or dishonest. Remember that inspections on a quarterly or monthly basis can be unnecessary, time-consuming and costly.

  11. How are maintenance concerns handled? Whether you need condo or commercial property management, your prospective managers should have a maintenance policy. Maintenance concerns should be handled promptly, but no money should be spent without your consent. Management companies should provide a maintenance team that performs routine maintenance and repairs (if necessary) on your property. They should also have access to affordable contractors and tradesmen, such as electricians, roofers, etc.

  12. Questions about Tenants If you have a residential property, you’ll need to know how the property manager will handle your tenants. This means asking some important questions about their policies, including:

  13. What type of fees are charged to the tenants? Asking this question is important, because you’ll need to know if your tenants must pay additional fees and how these fees will be charged. This will also help maintain transparency between you and your management team. Some common fees are: late fees, early termination fees, or NSF fees for bounced checks.

  14. What’s your debt collection process? Property managers must have a debt collection process, especially for large balance delinquencies. Ensure your manager takes steps towards debt recovery, including having access to a debt recovery agency. Keep in mind that if your manager doesn’t offer this service, debt collection will be left to you. However, remember that managers should never charge a fee for uncollected rent or vacated property.

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