5 Questions to Ask Your Property Manager
When owning property, it is important to have a qualified property manager working for you to help maintain the successful operations of your rental. Whether you own an entire apartment building or several residential dwellings, commercial space or vacation spots, it is essential to have a qualified individual or team keeping your property in check. Once you have a property manager in Chicago caring for your investments, it is important to ask questions from time to time to make sure the daily operations are running smoothly. Follow the suggestions below to ask the right questions to your property manager for success in rental properties.
What Steps Are Being Taken to Ensure Rentals Stay Occupied?
It is important to keep track of your rentals and if they are staying occupied. Speak to your Chicago property manager on a regular basis to ensure your rental properties stay full. Find out what measures are being taken to ensure tenants stay happy and any empty rentals are filled as quickly as possible. Delays in finding new tenants can result in a loss of revenues. Marketing and advertising should be done to ensure your property stays rented.
Are My Properties Up to Date on Maintenance and Repairs?
Always check with your property manager to ensure repairs are being taken care of and maintenance needs are scheduled properly. Falling behind on HVAC or electrical checks can result in the loss of tenants.
Are Tenants Happy with the Properties?
From time to time, ask your property manager about tenant happiness. Are the tenants complaining about anything in particular? Are these issues with the properties that need to be addressed? Any issues should be taken care of by the property manager so that all tenants stay happy and content.
What New Services or Technology Can Be Integrated?
Every year, new services or technology are created in the property management industry. When working with a qualified management company, new options are often learned and put into practice. Ask your property manager if there is any new software or other technological components that can be integrated to provide a better opportunity for your rentals to be successful.
How Can We Move Forward with More Investments?
If you are looking to expand, consult with your property manager on how more investments can be made. You need to be sure that the company can take on managing more property if you choose to invest in other buildings or homes. Many property managers stay on top of the latest trends as well as tenant wants. They might point you in a profitable direction, be it with apartment buildings or new residential home investment.
These are just a few questions you can ask your property manager to stay on top of your rental properties. By asking questions and speaking to your manager on a regular basis, you can make changes to ensure your rental properties are providing you with a steady income. Start planning regular meetings with your property manager to discuss the aspects of your investments to maintain a successful operation.