Secure the services of a commercial real estate consulting firm that you can trust. Here are some of the things you need to ask a commercial property manager before you move forward with any hiring decisions.
What Services Do You Offer?
It’s easy enough to get the information from the company’s website. But hearing about it during the interview or consultation can help you get a better understanding of what the company is about, what they tend to specialize in or focus on, and hopefully give you a gauge on whether they’re a good fit for you and your property.
How Many Properties Do You Manage?
While an exact number isn’t necessary, you want to get an idea of the company’s size. If they have too many rental properties, do they have enough on their team to provide the services that those units need? The last thing you want is to hire a commercial real estate management that won’t have the time to look after your property.
What Management Experience Do You Have?
If your contact or the head of the firm has never managed a rental company before, that could be a bit of a red flag. You’ll want to find a firm that has qualified and trained staff, with people who have meaningful experience in property management.
What Kind of Properties Do You Manage?
Residential and commercial property management aren’t the same thing. You need to find someone with the right experience to ensure that you’re hiring the right team or person for the job.
How Do You Set the Rent Amount?
Your property manager should know how to do a comparable market analysis. For instance, s/he should know how much the rental properties in the areas are priced and should factor that into the computation. S/he should also consider the unique aspects of the property, should it come with a new kitchen, communal spaces, pool, or more.
Can I Cancel My Contract?
It’s always wise to know the conditions under which you could cancel your contract, just in case something comes up. Be wary about getting locked into a contract that you’d have a hard time escaping. If that’s the case, then walk away.
What Are the Fees?
Be sure to understand the fees and charges and how they will work. How will the firm bill you? Look out for any hidden costs too.
Find the right firm to manage and look after your property. For residential and commercial real estate consulting in Scottsdale, reach out to us at Every Investments Realty.