If you own commercial property, you already know how much work and maintenance is involved.
A property manager can help you organize processes, keep a close eye on the building, and manage other important things like processing rent payments.
Before you choose someone to manage your property, read on for six important questions to ask a property manager before you make a final decision.
1. What Kind of Services do You Offer?
Some property managers offer full building maintenance, while others simply help you market your commercial property. Find out exactly what the scope of services is that your potential property manager offers. This will give you a clearer picture of what to expect in the future.
2. Questions to Ask Property Manager: How about Experience?
Like any other profession, experience matters. Find out how long the property manager has been in business and what other clients they serve. The length and quality of experience can give you peace of mind when it comes to reliability and trustworthiness.
3. What About Cancellations?
The cancellation policy is part of many questions to ask property manager. Find out what their policies entail in case you need to find an out for whatever reason. You don’t want to get locked into a contract that you can’t exit later if you absolutely need to.
4. Can I see Your Fees in Advance?
All property managers will charge a fee for their services, but these can vary greatly between companies. Ask about a list of all fees in advance so you can plan ahead for your budget. Some property managers may offer a flat rate of ten percent, while others might charge individual fees for each specific service you require.
5. Am I Able to Sell Whenever I Want to?
There may be a time when you decide you’d like to sell your property. Make sure that your property manager has no restrictions when it comes to the sale of your building. Some companies have a clause where they force you to sell property with them, which is something you should never agree to.
6. How is Rent Collected?
Find out how the monthly rent for your property is collected, whether it’s via direct deposit, check, or online. It’s important that you know exactly when rent is due so you can manage your income effectively. Ask the manager about their payment process and what the rules are on late payments and possible evictions.
Asking the Right Questions Will Give you Peace of Mind
Use these questions to ask property manager to help you get a handle on your next prospective management company. Once you have all the information you need, you’ll be better able to make a solid decision that serves your best interests.
Contact us today for your property management needs, and be sure to visit our blog for helpful information about home renovations, property manager tips, and much more.