All property management companies are different, so you need to be very selective during the initial interview process when you are choosing a company to manage your valuable real estate investments. You need the best company you can get, so you need to ask a series of questions to determine if the company is up to your standards of what a good professional property management Lombard agency should be. Credentials, capabilities, and licensing are the three most critical things you can look for in a good property management company.
Credentials and Education
The management company you hire should have employees who are highly educated if you expect to get the high level of results you need. The best companies will have ongoing training session their employees are required to participate in. This is important because laws are constantly changing. You need a company on your side that will know what the latest laws and regulations are, without having to refer to a manual to get the answers. Credentials are important as well. You need to ensure the company you hire has met all state guidelines regarding licensing and insurance. Most states have some sort of laws in place that define whether or not companies are required to be licensed. Ask them for proof of their credentials. Never go with the services of a company that cannot produce proof of licensing and insurance information.
Local Experience and Longevity
Always ask what kind of local experience they have before you sign on the dotted line to retain their services. Local experience is important because it allows the management company to build relationships with the locals. This helps not only with price breaks on maintenance and repairs but also with networking to find the best tenants. Your property management company should know the local area inside and out. You should also ask them how long they have been in business. If they are new to the area, then it is probably best to move on to another company. You need a company that has longevity, so you can be assured your properties will be properly managed. You cannot take any chances when large amounts of money are on the line, and since you probably have thousands of dollars invested in your properties, you need to be extremely careful about who you trust to handle them.
