The selection of a new property management company for a condominium association or apartment building is an important decision that is accompanied by many considerations and questions. The questions owners ask themselves should be carefully chosen to ensure an efficient selection process. This article highlights why it can sometimes be beneficial to ask fewer, but targeted questions.

Fewer questions are better

Successful property managers adopt a selective strategy when accepting new properties, especially given the current skills shortage in the management sector. For the property management company, a large number of questions indicate a “difficult” community of owners, which is better left alone. This is because the property management company must fear that the community of owners will continue to take up a lot of time, which means that the management company will not be able to cover its costs.

Rule of thumb for comprehensive questions

The size and profitability of the management property play a decisive role in determining how extensive the owners’ questions to the potential property management company can be. Larger and more lucrative management properties allow owners to ask detailed questions, while restraint is advisable for smaller properties.

Questions for the new property manager

The choice of questions to ask property management candidates depends on whether you are looking for a property manager for a condominium complex or an apartment building. There are common questions as well as specific questions for WEG managers and rental managers.

Common questions for WEG and rental property managers

• Dealing with the property and documents: Did the manager deal with the property and its documents before submitting the offer?
• Number of employees and responsibilities: How many employees does the property manager have, and how many units is one responsible for?
• Permanent employee and qualifications: Is there a permanent employee for the property and what qualifications does he or she have?
• Technically trained employees: Does the management also employ technically trained employees?
• Digitalization: How digital is the property management company in its operational activities?

Questions only for WEG managers:

• Administrator contract and appointment: can the administrator contract be linked to the appointment?
• Date of the annual owners’ meeting: By when does the annual owners’ meeting take place?
• Location of the meetings: Where do the owners’ meetings take place?
• Dispatch of the minutes of the meeting: By when are the minutes of the meeting sent out?

‍Questions for rental managers only:

Vacancy periods: How long are rental properties usually vacant?

Trial period in the management contract: Can a trial period be agreed in the management contract?

Determining the rent: How is the amount of rent determined?

Letting and advertisement placement: Do you take over the letting and where are rental advertisements placed?