We are sharing some questions to ask a property manager. Use a template when you’re talking to different companies, because a lot of managers offer similar services. You want to figure out what sets them apart. Ask these questions when you’re looking for property management in Colorado Springs, which investors can feel comfortable with.
How much continuing education do you take? How important is continuing education to you?
Pay attention to their level of competency and their willingness to pursue continuing education. In Colorado, we have low continuing education standards – 24 hours per three years to keep an active license.
How many properties do you manage? How many staff members are assisting you?
Generally, you’re looking for one licensed staff member per 80 to 100 units. So in a property management company like ours at Muldoon Associates, we manage 250-300 properties. I’m the sole licensee overseeing those properties, but I have staff who help with non-licensed activities. They answer the phones, respond to tenant inquiries, show properties, and assign maintenance request. You want to know if they have the ability to take on your property and manage it effectively, or if they are at maximum capacity.
What do you charge? What do I get for that money?
Prices vary dramatically between property management firms, but a lot of the services will be the same. In Colorado, we have minimum brokerage duties to be considered professional property managers, and the state oversees that agreement. There might be other ancillary things that you get for your management fee.
How many properties do you manage in my area?
Get an idea of where their expertise is. For example, if you live in northeast Colorado Springs, a property manager from Pueblo might not know your market or be able to service your property as effectively. It’s important to know the local prices and have good relationships with the community.
What is the depth of your vendor list?
You’ll want to know who the property management company uses to complete repairs and how the billing works.
How quickly can you get my property on the market? How long does turnover take between tenants?
Market conditions are usually huge factors, but you don’t want to work with a manager who is slow to advertise and respond to prospective tenants.
At the end of the day, the property manager should be working for you and looking out for your best interests. If you have any questions about finding a property manager in Colorado Springs, please contact us at Muldoon Associates.