Questions To Ask An Hoa Management Company
As a board member of a homeowners association, you might have found yourself in the middle of an exhausting search for an HOA management company to take over your operation. When looking for the right management company, it is important to get to know their goals, ideals, and way of doing things. A good way to do this is to ask the right questions. Here are 20 questions to ask an HOA management company.
How Many Rentals Have You Managed Simultaneously
This question helps interviewers evaluate your management skills. As employers typically require property managers to have the ability to oversee several properties, management skills are an essential trait. You can provide an answer that emphasizes your ability to manage multiple properties simultaneously and demonstrates your knowledge and passion.
Example:”For four years, I managed three residential buildings of 30 units each and a commercial building with ten suites. This experience helped me build relevant management skills. I created a schedule for routine checkups for each property. Using effective property management software and digital calendars made this challenge more manageable. I ensured the tenants were all comfortable. There weren’t complaints from tenants, and the management process was smooth.”
What Action Would You Take If You Joined The Company
How to Answer
Interviewers have a fear of hiring a manager who is going to come in and change everything right away. They want to hear that you will improve their company without completely rocking the boat. Tell the interviewer that you would begin by simply observing until you gained a good understanding of how the company operates, what is currently working well, and what is not working so well. Next, share that you would make any urgent changes that you identify right away, and you would wait until you had a solid understanding of the company needs before making any additional changes.
Written by Audra Kresinske on March 19th, 2021
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How Do You Stay Motivated In Your Work
The interviewer asks this question to evaluate your values as you perform the tasks assigned to you. In your response, highlight your interests and values that drive your morale for this role.
I am motivated by challenges. In my previous role as a property manager, I was tasked with training new recruits and managed to get a 100% success rate in passing scores. I understand that this job is fast-paced but I am well prepared for it. I love it.
We Own This And That Property How Would You Market It To Prospective Tenants
Everything starts with marketing the property. Unless people know that the offer exists, they wont show any interest in renting the spaces. Try to think about their target market and their typical customer. Are these people, companies, shops? Where do they go when looking for a place to live, or to run their office?
The key is to demonstrate your understanding of the market, and the position of your prospective employer. Show them that you know who their customers are, and how you can approach them in an effective way.
You can market a property online, you can do a local advertising in the city, you can approach companies and businesses directly with the offers, you can advertise free office space/apartments directly on the face of the building, you can leverage your existing network of connections, and so on.
Show the interviewers that you have your ideas and wont wait for tenants to find you. You will do everything to be visible, in the right places.
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Question : How Familiar Is Your Team With The Current Trends In Real Estate
Real estate investment is a fickle game. So, you want to make sure to ask your property managers about the trends in place right now. This will show you how much market knowledge they have. Thats important for managing and maintaining your real estate in the best way.
Your potential property manager should be able to reach out and find reputable tenants to fill your property. This is an easier task than it was in the early 2000s, as the number of people renting property within the United States has gone up in varies cities.
Questions About Your Experience And Background
Interviewers typically ask background questions to evaluate your skills and accomplishment in the field. They can determine if you have the experience necessary to follow standard regulations and guidelines, rent properties to suitable individuals, and conduct routine checkups. Here are ten background questions:
Tell me about your most challenging experience as a property manager.
How do you manage maintenance and yardwork for the properties you’re managing?
How long are your properties typically vacant?
Can you describe your daily routine as a property manager?
What’s your greatest achievement working in this field?
Explain your ideal working schedule.
Are you familiar with local building codes and housing laws?
How do you communicate with tenants regarding emergencies and updates?
What relationships do you consider valuable to your success as a property manager?
How do you determine the rent value?
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Question : Do You Have Credible Licensing For This Service
Whether youre interviewing family-owned property management companies or those with a more corporate structure, make sure their license is up to speed. Keep in mind that the different states will have their own licensing rules and regulations.
In addition to simply asking this question, youd also have to conduct research on your own. See what qualifications are required for your region and ask the potential manager if they have the needed licensing.
To be on the safe side, ask for licensing proof as well. Certain states might require a more direct link to a known real estate organization. Others might require a real estate broker license before one becomes a property manager.
Why Are You Interested In This Role
The employer asks this question to assess the reasons you got into this role and whether you enjoy it. In your answer, confirm that you are interested in this position.
My great knowledge and expertise in this industry make me want to work in this industry. I am trained on how to set the rent price advertise and market a property preparing vacant units for rent screening and selecting quality tenants. I am seeking an opportunity that will allow me to exercise all these skills as well as helping me grow in this industry.
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Describe A Challenging Situation You Experienced As A Property Manager And The Lessons You Learned From It
Interviewers typically ask this question to assess your problem-solving skills and evaluate your reaction to unfavourable situations. You can provide an answer that shows you have practical problem-solving skills and the flexibility necessary to adjust to changing circumstances.
Example:”During my early years as a property manager, I rented an apartment unit to a tenant. After a few months, I started receiving calls and complaints from other tenants. They complained about the incessant parties and noise from the apartment unit. I contacted the tenant, gave a warning, and told them to be mindful to avoid affecting other tenants with their actions.I thought I had settled the issue, but the other tenants kept complaining, so I delivered a second warning.
As the tenant demonstrated they weren’t able to change their actions,I gave them an eviction notice to maintain the quality of life of other tenants. That experience taught me never to tolerate tenants who bother other occupants and to always perform a reference and background check of potential tenants.”
The Right Questions To Ask An Hoa Management Company
Before diving into the what, lets first understand the why. Why should an HOA hire a property management company in the first place? Running an association is much like running a business it takes a lot of time, hard work, skill, and patience to accomplish smoothly. Board members like yourself need a partner to lighten the load, especially since most of you have other full-time jobs and families to look after.
Hiring an HOA management company can be a challenging process, though, particularly if you dont know where to start. Plus, the sheer abundance of HOA management companies can make it even more difficult. With so many management companies lined up to take your business, finding the one that fits your needs the best requires knowing what you want and formulating your inquiry questions.
Before you begin to draft your questions, sit down with your board members. Discuss the goals of your HOA and what value you expect a management company to bring to your association. Some questions you ultimately ask may be special to your HOA only. Nevertheless, there are several general questions to ask an HOA property management company that can help any association narrow down their choices.
Here are 20 of the best HOA management company interview questions:
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Some Other Questions You May Face In Your Property Manager Job Interview
- Describe a conflict you had with one of your tenants.
- How do you feel about doing an inspection in one of the properties on Sunday afternoon?
- Do you have knowledge of laws and regulations applicable to property management?
- How will you lead an interview with a prospective tenant? What questions will you ask them?
- After everything we said during this interview, do you have any questions?
Question 1: How Are You Going To Deal With Tenant Problems Like Late Payments Or Evictions
The most difficult side of property management usually entails dealing with late payments by tenants or having to evict them for some reason. The property managers you end up hiring should be responsible and tactful enough to deal with such issues without incurring much damage. Such tasks could be complex, especially if the tenant is part of an HOA or some other influential group.
Nevertheless, you need to ensure that any manager under you should be getting those payments and evicting when necessary. In either care, they should also stay respectful and within legal limits.
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Why Is It Important To Prepare When Interviewing A Job Applicant
There can be several reasons why it is important to prepare when interviewing a job applicant.
One reason is that it allows the interviewer to get to know the applicant better. It also allows you to see how the applicant would fit into the company culture and whether they would be a good match for the position.
Additionally, preparing for an interview can help to weed out applicants who are not truly interested in the position or company.
Finally, preparing for an interview can help build rapport and trust between the interviewer and applicant, which can make the hiring process smoother and more efficient.
Preparation for interviewing an Assistant Property Manager applicant is important because the job duties are many and varied.
It is important to ensure that the candidate has the skills and experience to be successful in the role.
Question : How Do You Stand Apart From The Competition
While it might be a bit awkward mentioning competitors to any potential property manager, this is a good way to filter out the really good companies. If theyre genuine professionals, theyd mention their competition respectfully and display their knowledge of the local market trends.
Asking about the competitors will also bring the conversation to how this potential property management company is unique in its pricing and services. The company representative should be able to explain what makes them different and better than the rest. Ideally, they should also provide some client references so you can be sure about going ahead.
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Do You Conduct Routine Property Inspections
Property inspections help you catch problems and conduct maintenance before its too late. Whether its checking on how tenants are treating your spaces or ensuring that appliances and utilities are functioning correctly, spaces need to be kept in the best shape possible to prevent costly renovations and assure that the space isn’t being misused in any way.
Your manager should check up on your properties regularly. Ideally, this should be once a month, not just a few times a year.
Please Walk Me Through The Rental Criteria You Use For Screening Tenants Who Decides To Accept Or Deny A Tenant
Its required by law that all prospective tenants be held to the same rental criteria. The PM should show how they determine if someone is the right fit to live in the rental property.
Typically these criteria are a mix of earning power, reference checks , a credit check, and a background check.
Most often, the PM decides who to accept as a tenant. It can actually be dangerous in certain circumstances for the landlord to be involved in the selection process. It could open them up to potential legal liability.
Who Handles Property Maintenance Requests
You should ask your potential property manager the following questions:
- When a maintenance request comes in, do you or a member of your staff personally evaluate the problem before calling a vendor?
- Will you visit the property to evaluate if necessary?
One of the biggest expenses for a property owner is hiring skilled labor to fix problems. On average, I am able to avoid calling technicians for about 30-50% of maintenance calls because I have enough experience to make minor repairs.
Also, I am able to prevent problems before they happen. For example one of my clients had an external spigot that was fed by a CPVC pipe running out of the house along a patio.
I knew that it was likely that this would burst during freezing temperatures so I had a plumber relocate it to the other side and mount the spigot directly on an exterior wall.
If it had burst it would have likely flooded the basement, incurring thousands of dollars in damage and resulting in very unhappy tenants.
Describe To Me The Last Property You Managed What Did You Find To Be Successful During That Time And What Could Have Been Done Better
How to Answer
Provide the interviewer with an overview of the property. Describe the physical details of the property, its purpose, the types of tenants that were present , and how many tenants there were. Next, share two or three things that were successful with that property, providing a high-level overview of each item, and share why you felt like they were a successes. Finally, mention one thing the company could have done better, as well as the approach you wish would have been taken instead.
Written by Audra Kresinske on March 19th, 2021
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Can You Provide References
Past performance defines likely future performance. You need to know that you can rely on your property manager by examining their history as told by someone else. Anyone with confidence in their ability to provide consistently excellent service will be able to provide you with a few legitimate references. You can also look up online reviews, but a property manager that cant provide references may signal a red flag.
Are You New To Home Ownership
Make sure you look at the suggestions on my Renovations page more useful information on my Real Estate Pages and an excellent read on the Building Science Corporation’s website: The Building Science Guide to Home Ownership! See my LINKS page for more.
Of course, feel free to call or with questions and concerns!
What Qualities Do You Have That Make You A Successful Property Manager
Interviewers usually ask this question to find out the strengths and skills you possess that can make you a suitable addition to the team. This question also helps you to show off what kind of soft skills you have and what you’ve achieved in your previous experiences to impress the hiring manager. Highlight your important skills and describe how you’ve used them to achieve any property sales you’re proud of.
Example:’As a property manager, I have very good communication skills that help me connect with my customers and build strong relationships with them. I also follow through with any promise I make to them, so that they may seek my services again or refer me to others. Aside from soft skills, I also have more than 15 years of experience in property management with a real estate licence. I have practical knowledge in property and tenant maintenance with some legal knowledge too.’
If I Find A Potential Deal Are You Willing To Analyze The Property To Determine Its Curb Appeal And Potential Rental Price
This would help the landlord figure out if their assumptions about a property they are considering buying and renting out are true or false. Would the property rent at the price calculated?
Also, the landlord should clarify to the PM that if this deal does close, the landlord will use them as the PM for the property, or the landlord will compensate them for their time spent analyzing the property.
There are some great property managers out there who can provide a valuable service, particularly as a portfolio grows and the landlords business expands beyond the local area. Before hiring, investors should spend some time doing their research, talking to others, conducting a thorough interview, and getting the specifics before making their final selection.
And thats a wrap! Hopefully, this substantial list of questions to ask property managers covers everything and works for investors to find the right one.
Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.
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