Hiring a property management company would ease the burden on you and also help you manage your properties, profitably. There are many issues that need to be taken care of on a regular or even daily basis when you own several properties, and it can start to take a toll on your primary occupation and life, not to mention, add unwanted stress as well. A property management company, on the other hand, would know the tricks of the trade when it comes to managing different kinds of tenants while keeping your property in tip-top condition. However, it is important that you choose the right company to reap the benefits you are looking for. Here are the few questions you need to ask while choosing the right property management company:
Is the company accredited?
Accreditation always adds credibility to the company and showcases the high standards it maintains in its practice and management. It would become much easier for you to trust your property in the hands of a company that is accredited by the highest organization in the real estate property management sector and also has experience and a proven track record to show for it.
What is the coverage of the insurance?
The property management company must offer a fidelity bond to the clients for them to get insured against any loss that the clients may suffer if an employee turns out to be dishonest. The staff of the company should be well-versed in preventing losses and must have a solid risk management process in place. The coverage for the property owners must also include compensation for any loss due to alterations and forgery.
What does your service portfolio include?
Some property management companies are very specific in nature while others offer a more comprehensive range of property management services. It is important to ask what services the company is providing to decide if it is right for your property and requirements or not. Some of the services that a Northern Virginia property management company offers are financial reporting, rent collection, lease negotiation, management planning, legal support, and property upkeep.
What types of properties are currently under management by the company?
It is a good idea to know the types of properties the company is managing currently. It would give you a good idea into the expertise of the company, which would help decide if it is right for the properties you need managing.
Ask about the company’s fee structure
You need to know the company’s fee structure so that you can compare it with the quotes you have from the other companies. The fee structure would include management fees, flat fees, and percentage fees. It can be further negotiated with the company based on the rent collection, income and the number of properties that need to be managed.
Before you hire a Northern Virginia property management company, it is essential to book an appointment with them, allowing you to understand if you are comfortable in working with them. They should be polite, respectful, and put your needs above anything else. You should be able to ask any questions that you might have about their services as well as negotiate the terms of the agreement. Once you find a reputed company, you can sit back and relax, knowing your company is in good hands.