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When you own investment property, hiring a property management company to look after your asset is sometimes better than handling everything yourself, particularly if you have more than one property.However, you will want to make sure you feel confident handing over the reins of your hard-earned investment and that you are in fact getting your money’s worth. Here are some of the requirements you should look for when you are considering hiring a property management company:Reports: You should expect financial reports on a regular basis and find out if they intend sending the same monthly, quarterly or annually. These reports should include all of the accounts such as money received, bills paid and any other expenses incurred.The expense report should include maintenance for the property such as carpet cleaning, electrical, lawn care, painting, plumbing and other items like these that are reoccurring expenses.There will be expenses for cleaning a property after a tenant leaves and preparation work for the new tenant to move in.You should receive an itemized report showing all the properties assigned to their care with the unit number if the properties are apartments or office suites.Tenant Management: An integral part of a manager’s portfolio is being able to handle any tenant issues that arise with diplomacy. They will be acting as the liaison party between the owner and the tenant as well as between tenants, should the occasion arise.Some of the complaints that may need to be resolved between neighbours are complaints particularly loud music or noise. The management team should intervene and attempt to handle and resolve the matter effectively without the owner having to be involved.If at first the problem is not able to be resolved through communication, then your property manager should have other steps available to resolve the problem.Maintenance: The property management team will take calls and requests from the tenants for any repairs and maintenance as they are needed.These calls may come any time during the day or night and if there is an emergency situation that requires immediate attention your appointed management team will be able to handle the contingency.Many companies will have their own maintenance crew or accounts with companies and contractors who do various types of repair work. The property manager will assess the situation and determine if their maintenance crew can do the necessary work or if they need to hire a licensed contractor for more specialised services.Fill Vacancies: It is the duty of the management team to keep the units occupied and not let a property sit vacant for any period of time. When all the units are not occupied, the owner is losing money.A well-established property management company will probably have a database of tenants ready to take a unit as soon as a current tenant moves. This database is usually compiled as a result of their efforts at marketing such as online listings, newspaper listings and sometimes as a result of signage posted in various places in the neighbourhood.Screen Tenants:When a potential tenant comes by to inquire and look at property, it is the responsibility of the company to screen them before leasing the property to them. This may include a background check, credit check, rental history as well as personal references. Many companies have a scale of measurement that determines whether an applicant is trustworthy and reliable.Leases: The property management company is responsible for drawing, negotiating and signing leases on behalf of the property owner. This is a legal binding document that holds the lessor responsible as well as the tenant responsible for their part of the agreement.Inspections: The property leasing company should perform regular inspections of the property to ensure all tenants are treating the property within the terms of their lease. The property should be inspected for the condition of the foundations, roof, plumbing, landscaping, etc.Notices: The leasing management company will distribute notices to the tenants frequently in the form of a friendly Newsletter and inform them of any community activities, important issues and urgent matters. Things that could be included here could be upcoming building inspections, pest control treatments, scheduled “water shut-offs” etc.As the owner, you will need to give your permission for the custodian to handle things as they see fit or state clearly any limits and stipulations you may have.