Have you ever wondered how your current property manager or property management company is performing for you? It’s a valid question and it may even help you determine if it’s time to make a change. Remember this is a client-centered industry. So whatever a property manager or management company provides must be up to par. If they are not, it can jeopardize a company’s reputation which is not a positive aspect when your property is concerned.
If you want to evaluate your current property manager’s or management company’s performance, here are 3 basic questions to ask and ones that will help you gauge how well they are doing their jobs:
How long did it take you to rent the last vacant property? The reason for asking this question is simple – it reveals additional information. For instance, it takes several other factors into consideration such as:
- how effectively they advertised your property
- how fast all necessary repairs were made
- how many days the property was empty before it was rented
If you feel a bit awkward grilling your property manager, DON’T. After all, isn’t this your investment? You’re merely following up and trying to determine if they have delivered what they promised in the first place. Leaving the property without a tenant does not add up on your investments and that is why asking this question is important.
What type of preventative maintenance have you done? Even someone who is skilled at deceiving people cannot fake the answer to this question. If any preventative maintenance has been performed by a 3rd party, your property manager will have documented evidence to support it. Remember, preventative maintenance does exactly what the name implies – it prevents an unnoticeable problem from becoming a costly repair expense.
When was the last time you inspected my property? If they promised to visit your property on a regular basis and inspect it in the process, have they done so and how recently? This doesn’t mean the landscaper or a repair technician, it means the person who is responsible for managing your property. Remember, you are paying this firm or individual to manage and protect your investment. If they appear to be stalling or are unable to answer the question, it’s time for concern.
You have two choices at this juncture, depending on how the individual has answered your questions:
- Their answers were acceptable and you’re convinced they are doing a good job.
- Their answers were weak but it’s not your responsibility to train them to do better.
It’s unfortunate, but so many real estate investors today oftentimes turn a blind eye to a poorly performing property manager because they feel that, even though they are angry or disappointed, they could have hired worse. Unfortunately, what they don’t realize is that their current underperforming property manager could be costing them a lot of money and ultimately decreasing the value of their investment.
