The 3 Big Questions to Ask in Property Management

Some questions to consider before choosing the right Property Management Company for you.

Very often the very first question we are asked is, "what are your rates?". Understandable. However, today let's shift the focus to questions that are strategic, add to your bottom line profit, and make for a productive relationship.Beginning in this business over 30 years ago in the accounting department of a real estate company, to CEO today, has afforded me the opportunity to dig deeper into the values and results a property management company can provide for your rentals.Below are the top 3 questions to ask before making your decision to hire a professional.

1. How long have your team members been with you?

First of all, this is an important indicator of what is happening "inside" the company you choose. Because company culture, team involvement, everyone aligned to the job at hand plus creative leadership leads to stability. It has been our experience that creating a positive company culture has led to long term retention of our top people who thrive and who care about your outcome. 

2. How long have you had your partnership with your contractors?

Another indicator of a management company that is running smoothly is how they treat their outside sources. Healthy, strong relationships with contractors ensure smoother service, timely responses, consistent history, as well as better rates on repair items. The goal of a top Property Management Company is to save its clients time, money, and grief.

3. What is the relationship between the Owner and Property Management?

One size does not fit all! Therefore, it is key that a property management company is sensitive to the amount of involvement (or not) that the owner wants to have in the decision making and financial process. While some of our clients want "total veto" on all decisions, others are hands off - "just send the rent".Understandably these differences and being attentive to individual needs are key elements to a successful partnership that translates to your bottom line dollar. Valerie Torelli, owner of Torelli Realty in Costa Mesa, has been involved in the conversation of real estate almost her entire life. Her company has been active in the community and its special events have become a citywide tradition! Giving back, mentoring and all things real estate are the heart of Torelli Realty's business.