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Looking To Hire The Best Property Management Firm? 6 Questions To Ask
Total Articles: 7
Do you own an investment property that you are renting out, and you're presently handling all of the chores of being a property owner yourself? Are you thinking about investing in rental properties in St Pete Beach, but you're not sure if you're up for the task of being a landlord?
If you answered yes to either of those queries, whether you are holding onto or considering investing in a single-family rental (SFR), duplex, or triplex, you should think regarding engaging a professional St Pete Beach property management firm to take the work off your shoulders.
However, with so many property management firms out there, how you can find the most appropriate one. To help, here we have shortlisted some questions that you must ask any property management firm before signing the contract:
1 - What type of property management experience do you have? You need to know for how long they have managed property & whether they have enough back up from the rest of their group.
2 - How many properties are you managing currently? Hiring a property manager that deals with several thousand units could be somewhat risky as your property might end up lost in an ocean of other properties.
3 - How essential is preventative maintenance to you & how is this managed by your company? Extensive & costly deterioration can happen to properties if there is not a preventative maintenance plan in place. Your St Pete Beach property manager should keep a preventative maintenance account showing all items inspected & addressed and also the signature of the maintenance manager acknowledging completion of all needed tasks.
4 - How often do you check occupied & vacant units? It’s important to know the frequency of inspections in occupied units. The reasons why you should know this info is because you need to be assured that there will be a comprehensive evaluation of potential damage to occupied units that has been made by tenants. You also have to know the frequency of inspection though vacant units to prevent any possible risk of fire or other casualties.
5 - Does your management team shop comparable properties to keep up to date with local occupancy rates, average rent rates, amenities offered, specials, etc.? Please be aware that not all property management firms offer this service.
6 – What is your area of specialty? It’s important to keep in mind that there are many specialties within the property management industry. If you own commercial property, you should possibly stay away from property managers that have experience managing only multifamily or condo properties. The most common areas of specialty in property management are: Single Family, Multifamily, Condo Associations, Cooperatives, Retail, Medical, Commercial and Industrial.
Retaining the right property manager can boost the value of your investment property while making your life easier as you don't need to deal with the headaches that this activity often depicts. If you have plans to expand your real estate investment portfolio it’s definitely worth having a strong St Pete Beach property management company on your side.
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