By When it comes to property management companies, rest assured they come in all kinds of sizes, expertise, and competencies. Simply because one company works for one investor does not necessarily imply they would be suitable to work for you. Find below a few essential questions to inquire a potential property management company during an initial hiring process about the services they have to offer.
Their answers to these questions would provide you with a comprehensive insight into their business competencies. SCK Property could provide you with a decent understanding of the kind of services they have to offer which would be imperative to meet your specific needs.
Property management services
Let us delve into a few of their property management services.
- The property they manage
Property management companies would be as different as car dealerships have been to one another. A property manager would not be created equal when it comes to their property portfolios. You would be required to inquire about the types of property they manage and ensure the type of property is the one they claim to manage. Consider looking for a property management company having the adequate experience to manage single-family homes to meet your specific needs rather than investing your time and money in hiring a property management company handling commercial property or large apartment buildings.
You might come across a company claiming to manage all kinds of investment properties. They would be managing single-family homes, community associations, commercial properties, and apartments. However, the chances of such companies having a specialty in all the areas would be relatively lower.
- Inspections
A property management company should never overlook a thorough property inspection. They should inspect the property thoroughly upon a tenant moving in or moving out of the property. A property inspection could range from a video inspection, a walk-through, or a drive-by inspection. If there is a disagreement between the manager and the tenant about some items missing or damaged, rather than indulging in a verbal argument, consider looking forward to presenting a move-in inspection and pictures of before and after the tenants move-in.
Having a video inspection of the interior and exterior of the property would be your best bet. You could also use the before and after pictures, but it might not capture all areas of the property properly. The video would capture all areas along with easily validate and interpret as the subject property. A signed checklist at move-in from the tenant authenticates that the tenant concurs with the findings of the inspection.
- Maintenance
For performing repair or maintenance work to rental properties, a majority of property management companies have their in-house maintenance experts. The employees would be paid a salary through the company. The management company would dictate the hourly rate or costs of any a repair or maintenance work required.
Alternatively, the management company might consider outsourcing some or all maintenance work to outside vendors. These vendors would range from a specialized tradesman to repair person performing all kinds of repair or maintenance work.
Pros and cons of in-house maintenance
Find below the pros and cons of in-house repair and maintenance services.
Pros
- More intimacy with property
- Direct communication with the property manager and their policies
- Readily available to work
Cons
- Lack of availability of in-house maintenance crew would result in repair work delayed or the manager has to search for an outside vendor in a short duration
- Might not be determined to finish or perform maintenance work within time due to lack of payment based on the job
- The in-house repair or maintenance worker might not be specialized in a specific field or have a specialized license
To sum it up
The availability of reliable property management services would ensure you do not have to worry about the management of your property in the best possible way.
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