Questions to Ask When Hiring a Property Management Company
Hiring a new property management company for your Condominium or Homeowners Association can be a very difficult and time consuming process. The end goal of hiring a new property management company should be to hire a long term business partner who will assist the Board of Directors to preserve and increase the property values of the homes within the Community.
As the Board makes the decision to hire a new property management company, there are several questions that they should ask during the interview process to each potential candidate. Below are several categories, as well as questions with each category, to consider when interviewing property management companies.
Management Office
- What is the age and experience of the firm?
- What is the experience of the property managers and staff?
- Does the property management company support continuing education for managers and staff?
- Does the property management company bid vendor services competitively?
- What is the philosophy of the property management company?
Financial Aspects
- What bank charges will be assessed to the Association?
- How long does it take to deposit funds into the bank?
- Who prepares the financial statements and what credentials, experience, and education are held?
- Who prepares the annual budget and what credentials, experience, and education are held?
- What is the process for bill payment?
- What experience is held with regard to capital budgets and reserve studies and funding?
General
- Who answers the phones?
- Who responds in the event of an after-hours emergency?
- What is the average response time to homeowners?
- How are messages conveyed to the manager, homeowner, and Board?
- Are any of the following types of extra charges passed onto the Association? (Copies, postage, faxes, office supplies, office materials, delinquency letters, violation letters, demand letters, compliance letters ,bidding contracts, managing contracts, after hours emergencies, attendance at board meetings, special assessment collection, storage of records, interfacing with attorney, record storage, bank charges, transfer fees, demand fees, lien fees).
PENCO Management has the expertise to deal with various issues that your Homeowners or Condominium Association may encounter on a daily basis. Our company provides Property Management services to New Castle, Chester, Delaware, Montgomery, Berks, Bucks, and Lancaster Counties. Our management team would be happy to schedule a meeting with your Board of Directors to discuss your Communities\’ needs, as well as answer these very important questions regarding PENCO\’s services.