You can learn how to manage a property properly after closing with the help of a PMC. I will give you 9 things to look for when hiring a project management consultant in today’s post. You’ll learn how to do that by following along with the key questions and the responses you should hear.
Table of Contents
1. Context
If you want to know whether a PMC can meet your needs, you should know where their office is and who else they’re working with nearby.
What is The Distance Between Them And The Property?
You should have your property manager visit the property on a regular basis. Make sure the company is within a reasonable driving distance so that they can keep up with that.
Is There a Multifamily Property Nearby?
PMC members who own properties near yours are more likely to rent them before yours. Choose a company whose interests do not conflict with your own.
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Is There A Similar Property In The Area That They Manage?
It’s not necessary to eliminate it. Consider that a 200-unit complex down the street will require more time and attention from your manager than your 15-unit building.
2. Advertisement
Maintaining a steady cash flow requires keeping your units rented out. In any case, your PMC needs to tell us how they intend to get tenants in our buildings.
How Does the Company Advertise? What Marketing Method and Channel do They Use?
Be sure to check out the manager’s website, Facebook page, and Craigslist, no matter how specific channel they mention.
What is Their Marketing Strategy? How Does it Work?
Rental marketing isn’t rocket science, but it does require some strategic planning. In addition to posting your property on the relevant online channels, the PMC should be aware of the need to update each regularly.
When a Unit is Vacated, How Long Does it Typically Take for it to be Rented Again?
A slow PMC cannot afford to take too long to fill a vacant unit; time is money. You can compare the performance of several managers by noting this number.
3. The Screening, Application, And Leasing of Tenants
Renters who respect you, the property, and their neighbors are the best kind of tenants to have on your property. To ensure that your property attracts only high-quality tenants, a property manager uses tenant screening and leasing.
How Does the Company Screen Prospective Tenants?
Checking a potential tenant’s credit report, conducting a background check, and verifying their employment status should be the minimum requirements.
4. Maintenance
When Does A Lease Signing Take Place?
A lease signing is a crucial occasion for establishing a relationship with new tenants and setting expectations. If you intend to use this opportunity to communicate with new tenants your policies (rent collection, eviction, etc.), make sure your PMC is interested in doing so. In order to maintain your property’s appearance as well as its mechanical operation, it falls to your manager. To keep track of your repair needs and get them taken care of in a timely and cost-effective manner, you need someone you can trust.
What Are Their Procedures For Handling Tenant Emergencies?
Your PMC should take seriously the responsibility of providing a safe, serviceable environment for your tenants. If any managers do not maintain a 24-hour emergency hotline, pass them along.
What is the Frequency of unit Inspections?
Determine how often each unit should be inspected by the PMC based on the age and condition of the property. Regular inspections are essential in ensuring expenses don’t increase due to deferred maintenance and neglect.