What to ask when looking for a good property manager
If you’ve ever looked for a good property manager, then you know how difficult it can be to find a good one for your rental property. There are several property managers, probably more than you really need to get your property to market.
With so many options available, it can be difficult to choose one for your unit. But don’t worry – if you ask the right questions while searching for property managers, you will have a better idea of who would be the best fit for your property. Ask them these questions when talking about your property to see if they are the right property manager for you:
1. What types of properties have you managed?
Experience counts for a lot in property management and can separate the good ones from the ones you should stay away from. Experience in this field, however, is not just about the number of years worked in the field; it’s also about the kinds of properties they’ve managed. Depending on the type of property you have, you can go with someone who specializes in managing properties like yours or someone who has a more varied experience managing different types of properties.
2. How are potential tenants screened?
Screening prospective tenants is one of the most important steps in property management, so the way they do it often reflects their level of service to your property. Ask them how they will match tenants to your property and what their tenant-finding process looks like. This will give you a better idea of how they operate and how far they will go to find the right match for your property.
3. How do you handle late payments from tenants?
Finding tenants is just one phase of property management; the longest phase involves managing the lease itself. Asking them this question will show you what their management style is like and how they will deal with critical rental issues like these. See if your process aligns with what you expect them to do and how you want your property to be managed.
4. How do you respond to complaints?
Similar to the previous question, this question allows you to gauge how well a potential property manager will handle the landlord-tenant relationship. Remember that a property manager will act as a mediator between you and your tenant, so it is important that you feel comfortable with their process for dealing with any complaints or issues.
5. How often do you carry out inspections?
Routine inspections are important to any lease, and the number of times per year will help give you greater peace of mind as a landlord or landlord. This question will also show you how well your property manager will take care of even after the start of the lease.
6. What is the correct rental price for my property?
If you’ve done your research beforehand, this question will allow you to assess how well a potential property manager knows the market and what it can offer you. It also allows you to get a better idea of the value of your property in today’s market. Compare your answer to different property managers to see what they offer and better understand where your property is on the market.
7. What can I do to improve my ad?
Asking them this question will not only reveal your experience in property management, it will also help you put your property in the best position on the market. Write down their suggestions, assess their relevance and decide if they can take your property where you want it to go.
8. What are the total costs and fees to manage my property?
Some have small registration fees, but a variety of hidden fees once you register and allow them to manage your property. Avoid being surprised by such fees and ask them to list all administration and service fees included in their service. The more complicated your fee structure, the more headache (and expense) you are likely to have.
9. What can you do that others cannot?
This is where potential property managers will try to sell you what they have to offer and how well they stand out from the competition. It’s also the part where you evaluate intangibles in any employment relationship, giving you a better idea of how well they meet your standards. Listen well, take notes and evaluate if they provide what you are looking for.
With so many options available today, finding the right property management company can be difficult. But if you ask the right questions and do your research beforehand, you will find that all the hard work you put into finding the right manager will pay off. Once you find the right one, your property (and wallet) is sure to thank you.