Knowing how to show an apartment can mean the difference between filling a unit or having it sit empty. This will lead to loss of profit. Does the property management company hire people that know how to sell? Do they train their leasing agents on how to properly show and close?
If a management company has to travel far to visit your property they will likely make visits infrequently. It is possible to manage properties that are a fair distance, but it takes a plan and the knowledge of techniques to make it happen effectively.
The company you hire needs to be transparent with your money. Ensure you have 24 hour access to your accounting. The more time between spending and accountability the greater chance of loss from fraud or employee's unnecessary transactions.
Managing a section 42 senior property is much different than managing a market rate multi-family building. The way your property is marketed is very much dependent on the area of the industry in which your building falls. It is important to make sure the company you select has specialized experience in your particular property.
Reactive maintenance is not something you want to deal with. It is very expensive and stressful. You need to be sure that the company you hire has a written plan for preventative maintenance. Daily, weekly, and monthly inspections of systems and areas is a necessity.
Gonion Group P.O. Box 83 Hugo, MN 55038
Communication with the owner is important . Without communication the owner does not understand what is going on with their investment or why changes are being made. Does the property management company provide absolute clarity when it comes to the current and future needs of your building? Do they provide photo documentation of repairs and detailed monthly reports?
We use a business plan when searching for investment properties and utilize exceptional management techniques that focus on providing professional, courteous customer service to our tenants, while increasing and maintaining occupancy rates for investors.
We provide potential investors a one stop shop for multifamily investing.
The purpose of investing is to produce profit. Does your property management company have a plan? Are comparables done? Are they familiar with the current market? Is the company up to date with the latest trends, marketing, staging, and software?
How much attention will your property receive from your point of contact in the property management company? Will you be communicating with the person that will be on site or will you be speaking with higher management about the state of your property?