Questions to Ask Potential Property Managers
Managing a multi-family property on your own can be overwhelming. It can also be quite frustrating to try and find a property management company in Chicago that you can rely on. However, there are a few questions to keep in mind when you’re interviewing management companies that will help you weed out the candidates quickly. Be sure that you keep these in mind and ask them if you’re looking at hiring a property manager in Chicago.
- What type of tenant relations do you offer? – What type of tenant services do they provide? You may have to deal with evictions at some point. Do they provide any promises concerning that area? Some companies back their screening process or will pay part of the cost of eviction if it happens. Ask if they have a checklist for both moving in and out that tenants and you as the owner can go through. How about how they handle tenant contact? Do they provide a window of time where they will answer the tenant? All of these are just the beginning of tenant relations that you want to ensure you know before signing on with a company.
- Money – Be sure to talk with the potential management company about what fees they charge. For example, do they charge you a management fee for empty units? Do they simply charge one flat fee? Also, you should discuss payment once rent is collected and their policy on security deposits as well.
- Repairs and Maintenance – One of the main issues that comes up during rentals is the maintenance and repairs that are needed. Knowing how your potential management company in Chicago handles these is important to know up front. Ask them if there’s a maintenance reserve required and how much. Talk with them about the type of maintenance that they can handle as well.
- Reporting and Business – When it comes to your business partnership, you want to find out the ground rules as well. For example, if you want to sell the property, do you have to go through the management company first. Also, discuss with the company what type of reports they can provide. You will want a rental report, vacancy report and others. It’s important to discuss these things upfront so there are no surprises.
When you want a company that manages property in Chicago, consider Connected Management. Our team specializes in small to medium units providing a wide range or reporting and record keeping services. Contact our office today to find out more on how we can help you take your Chicago property management to the next level. Our team is here to support you with a variety of services that make investing in more property easy. Don’t go with just any company for your property management. Make sure it’s a good fit for you.