Before You hire just any management company to take care of one of your most sizable assets there are some serious factors you should consider. Make sure you get the facts and interview at least three companies before hiring one. These are some questions you should always ask to help you navigate through the potential pitfalls that could arise form hiring the wrong company.
1.How long have you been in business?
This is an extremely important question to ask because if the company is new or has not been around for at least 3 years you may run into financial problems within the company which means if they go out of business and your 3000 miles away, what happens to your home? Try to find a company with a track record to avoid this major pitfall.
2. How many properties do you manage?
Whether a company manages 10 properties or 100 properties the important thing to know is that they are equipped to handle the properties that they have taken on. What often happens with management companies is they take on more properties than they can handle and in return you and your home get neglected. Too many houses, not enough staff. That’s a problem.
3. Can you provide at least three references?
This is so important! So many people don’t ask management companies for references. You are hiring this company to handle probably one of your biggest assets, wouldn’t you like to know how their current clients feel about them first? If the company is unable to provide you with at least three solid references than I would strongly urge you to stay away from that company. If they are making their customers happy then their customers will surely want to brag about it to you.
4. Can you provide at least three booking reports for a home comparable to mine?
A booking report is a print out that shows all of the weeks a home was booked up for over the past year. You can ask for specific ones comparable to the home you are purchasing or ask for a broad range of them. Salespeople can lie about how many weeks your property will book but paper evidence will always show you the truth. Be sure you get these before signing up with them. It’s better for the company to quote you less booked weeks and book more than to quote you more and book less.
5. What are your fees and are you willing to match other quotes?
Everything is negotiable. Don’t let them take advantage of you because they think you have to make a decision before you go home. Let them know you are shopping around and you are going to take the best offer. Get all of your offers in writing otherwise, there is no way to prove that you have received better offers. Don’t make the mistake of thinking a lower price means better service. Be sure to take in consideration the track record of the company before going with a cheaper less reputable company. You do get what you pay for.
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