Did you know that over 30% of real estate investors cite poor property management as their biggest hurdle to success? Choosing the right property management company can make or break your real estate investment. An experienced and reliable property manager doesn’t just handle the day-to-day tasks—they maximize your property’s potential, ensuring you get the best return on your investment.

A property manager can provide you with innumerable benefits as a real estate investor. That’s because a property management company takes the stress off you while protecting and growing the value of your asset.

However, not every property management company is equally prepared to help you succeed. You need to evaluate your options with a series of questions before choosing the right property management company for you.

These are the questions you should ask before choosing your property manager.

What kind of experience do you have?

One of the most important attributes for a property management firm to have is experience. An experienced property manager will have the expertise needed to engage effectively with tenants, complete quality repairs, and network with other professionals. Without experience, these tasks are that much more difficult.

That’s why you need to ask the property management companies you interview what kind of experience they have in every aspect of the job. From maintenance to customer service, what are their experiences working with tenants, properties, and homeowners?

The answers should give you a better indication of how well a prospective management firm can cultivate the value of your property. The more experience the better, but experience isn’t everything when it comes to property management.

How many units do you manage?

The next question you’ll want to ask is all about the workload of the property management company in question, but it’s important to ask yourself as well. The more properties you try to own and manage on your own, the more you risk important tasks falling through the cracks. 

Instead, ask property management companies how many units they manage. Relative to the size of their workforce, managers should not be overworked, hardly able to maintain the properties already signed to their service.

Questions like how many units a company manages, how many agents they employ, and the biggest challenges faced by a business can help you better understand how much bandwidth a property manager has to focus on your units.

From here, it’s a matter of how managers approach stressful situations that occur on the job.

How do you handle stressful tenant situations, like missed payments?

Renting out a property can get messy. Our living spaces are one of the most personal and private aspects of our lives, so conflicts involving them can create uncomfortable tensions. You’ll need a property manager who can handle these situations in an ethical and effective manner.

A property professional's response when asked how they handle stressful tenant situations can help you determine if they are the right fit for your unit. That’s because you need someone who can ensure solutions to issues like missed payments without causing additional problems.

Renting out a property is a service, and your tenants are your customers. With that in mind, you want a property management team that excels in customer service. The ideal company will have a process for handling and mitigating any problems while prioritizing transparency and quality communication.

That brings us to the next question you need to be asking prospective managers.

Can tenants reach you at any time?

Accessibility is another vital aspect of property management work. Your tenant might experience an emergency with the property or could simply have a pressing question you need to address. Regardless of the circumstances, an effective property manager has various methods for being reached at any time.

We live in a tech-driven world. From owner portals to automated SMS notifications, these technologies are on-hand for property management companies to utilize as needed as they streamline tenant and owner communications.

When looking for a management firm, ask about the tech and communication tools they use to ensure accessibility. This will add to your peace of mind as you delegate the management of your investment, knowing you can reach your partners at any time.

How do you maximize unit potential?

Last but certainly not least, you need a property management service that not only manages your property but that maximizes its value to you as an investor.

Real estate is one of the most stable and reliable investment types you can own, but unless you follow a series of best practices, you’ll miss out on value you might otherwise cultivate. That’s because it takes expertise and know-how to renovate, market, and rent a unit effectively. 

It will take the latest market data alongside the best industry trends to make the difference that you might not have the time or experience to make. The ideal property management brings these abilities to the table.

Ready to Elevate Your Real Estate Investment?

The right partner can maximize the ROI on your property in all that they add to the real estate investment experience. So be thorough in the question you ask prospective property managers. Make sure they have the experience, bandwidth, accessibility, and potential to elevate your investment potential. A lucrative future awaits.

Choosing the right property management company can make or break your real estate investment. An experienced and reliable property manager doesn’t just handle the day-to-day tasks—they maximize your property’s potential, ensuring you get the best return on your investment.

Contact 208.properties today to discover how our expert property management services can transform your real estate experience.