Many people invest in property as a retirement fund, nest egg, or even profession. If this is something that you are interested in, you should also research the different HOA’s near me. They are committed and dedicated to making sure your properties turn into profitable investment, dealing with highly complex legal and other housing issues. Before you sign into an expensive and long term agreement, however, you have to make sure that you have chosen the right one. Below are some of the questions you should ask before making that decision.
Questions to Ask a HOA Property Management Firm
1. What is your experience in the field of property management?
This question will tell you whether they know what they are doing, and whether they will be able to serve your needs.
2. How many properties do you have on your file?
A property manager with a lot of properties tends to be better than one with virtually none. At the same time, you have to make sure they have the time to deal with yours as well.
3. How often do you inspect units, vacant and occupied?
It is important that your property is regularly inspected so that you aren’t hit with surprise bills all of the time. You also need to know when any damage was created, and by whom. Furthermore, you have a legal obligation to make sure there are no risks of fire or construction problems.
4. How is the inspection information used?
Your property manager should have clear policies in terms of who pays for what damage and how. This is particularly important with vacant properties, where you cannot simply deduct the cost from the deposit your tenants rent.
5. How do you perform preventative maintenance?
Preventative maintenance should go hand in hand with regular inspections. It is better to fix something before it becomes a problem, rather than waiting for everything to break down. Properties deteriorate, and they should be regularly maintained to prevent more serious problems.
6. How is daily and ongoing maintenance handled?
This is something your property management company is likely to outsource. They will usually have an electrician, plumber, and locksmith with whom they have relationships, as well as a range of other professionals. You need to make sure they are equipped to properly deal with the problems. This includes licenses, registration, and insurance.
7. How are emergencies handled?
When it comes to homes, things go wrong outside of a regular timescale. You must know for sure that your property maintenance company will deal with issues as and when they arise.
8. How do they chose tenants?
Different companies run different checks. Perhaps you don’t want to have tenants in receipt of certain government benefits, perhaps you don’t want smokers, perhaps you don’t want pets. These are all important issues.
There are many other issues to think about, but the above are the key ones. Choose wisely, as your investment is on the line.