You have any property investment the next step is to find someone to take over its management. Do your research and list questions you want to ask when interviewing prospective property management companies. Short list a few companies that interest you.

Phone them to ask questions then, if you are still interested; make an appointment to visit in person. Visiting in person gives you an idea of how they conduct their business and you can meet the people who will represent your interests. Here are the top nine questions to ask when you interview a property manager.

1. Does the Company have a Dedicated Management Arm?
You want to know whether the property management company offers a complete service or if it is just a side line for a real estate office. Who and how will your property be managed. How many staff are in the office? Who will deal with you and your tenants if staff leave or are sick?

2. Does the Company Owner/Director get Involved in the Business?
Most property management companies are divided in two - selling real estate and managing real estate. Usually the company director is involved with the sales side as it is the high profit area of the business and a property manager takes care of leasing. If the company director is involved with the property management arm of the business, you may find they take it more seriously than others.
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Operation of residential, industrial or commercial real estate is what Property Management is. Handling the needed people, systems and processes to manage acquired properties which would include the control, acquisition, accountability, maintenance, disposition and utilization of it’s what it would entail. This is what Property Management is defined as.

The roles undertaken in property management would usually include operating on the landlord’s behalf and acting as liaison between landlord and tenant. In addition to that, a property manager would take on the duties of collecting rent, maintaining the real property, and serving as buffer between the tenant and client if this what the client would want.

Accounting and managing the finances of the real property and acting as the client’s representative when dealing with contractors, insurance agencies and tenants are some of the responsibilities required of this profession. Issues with regards to litigation are also handled by the property manager, but are ideally dealt with an attorney with expertise in that area. Read more »

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