1. How many properties are you currently managing and what type of properties are they?  Where are they located?

This question will give you a good understanding of the properties currently managed and the market(s) of expertise.  It’s important that a management company’s experience and portfolio aligns with your product type.  This will clarify whether or not the management company is qualified to manage your asset. 

Arian Ploszaj is director of business development for P.B. Bell, where she is responsible for the acquisition and retention of third-party property management services. This includes identifying management opportunities and needs through building relationships and market research.

2. Tell me about your property management department.  How many people are on staff and what is their experience and expertise?  Do you offer training and track performance?

This is helpful to know so that you have an understanding of the company’s resources and the amount of attention your property will receive.  You also want to ensure your management team is properly trained and will offer your residents and potential residents superb customer service.  Look for a management company that values and celebrates excellence in service.   

3. How often can I expect to see financial and property reports?  What type of software do you use? 

Typically, you should expect to receive a comprehensive financial package each month, which should include operating statements, variance reports, performance metrics and detailed support documents.  However, you should also be able to receive a wide arrange of data and activity reports as often as you’d like, based on your preferences.  A sophisticated property management company should also be able to offer real-time performance analytics on a mobile platform through the use of specialty software. 

4. Who manages the property’s website and online reputation?

Technology has totally changed the way people search for apartment homes.  While some may still find your property by driving by, the majority of people searching for a place to live will do most of their research online.  It’s important that your property management company has designated staff responsible for managing your property website to ensure all information is current and available to the public.  This is also true for online review sites such as Google and Yelp.  Potential residents will often research and consider online reviews to gage whether or not it’s a place they’d like to live.  Look for a management company that is monitoring and managing your property’s online reputation on all fronts. 

5. What questions do you have for me?

When shopping for a property manager, the questions should go both ways.  Ask yourself: are they asking the right questions to better understand my needs and objectives?  Such as, what is your intended hold period for this asset?  Which is your main driver, occupancy or rent growth?  Who will our point of contact be and is this person the final decision maker? 

 

Arian Ploszaj is director of business development for P.B. Bell.