Property management is a sophisticated and rapidly-growing industry, so finding the perfect property manager for you and your rental is crucial. Choosing the ideal property management firm for your residential property might be difficult. How can you be certain you’ve hired the right person?
Even though there are various professional property management companies on the market, it’s critical to pick a management team whose skills and experience meet your property’s unique requirements. To simplify the process of choosing a residential property management service easier, here’s a list of the important questions to ask before hiring them.
Important Traits To Look for
You should look for a property manager dedicated to keeping your residential property leased, well-maintained, and your renters happy.
- Good Communication Skills
- A positive and friendly attitude
- Honest and reliable
- Organized and detailed oriented
Questions To Ask a Potential Property Manager
As a landowner, you want to choose a property manager you can rely on, so here are a few important questions to ask to you make the best decision possible.
What services do you provide to your customers?
Managing a property entails dozens of new roles and responsibilities. From locating renters to handling complaints to repossession, you’ll want to employ a property management firm that can execute various tasks.
How much experience do you have?
You want a property manager with a lot of expertise. Would you choose a property manager who has only been in the market for a few months?
Find a property management company with at least five years of experience in the industry.
What is the total number of rental units that you manage?
Owing to a lack of rental units, the property manager may be a novice or have lost customers due to bad service. Too many rental units might indicate that this property manager will provide the finest service possible.
How do you figure out what each property’s rent should be?
To evaluate how much to charge for rent, the ideal property manager should be able to conduct comparative market research of all other available listings in the area. They should consider the specific features & amenities of your rental property, such as additional features like a garden, pool, garage, modern appliances, etc.
How many employees do you have on your team?
There’s a good chance you’ll get bad service if the property management company has too few employees. You may get an indication of what to expect based on the company’s staff size.
What are the costs of management?
It is critical to comprehend your average monthly payment. Some firms charge a flat cost, while others charge a rate dependent on the rent paid.
Could you provide a few references?
The strongest predictor of future success is based on past performance. A skilled property manager will be able to provide you with a list of references. You can also check their online presence and reviews on google or social media pages for any warning signs.
Do I have to pay even if the property is empty?
If the property management company has a flat fee, you will very certainly be invoiced even though your property is empty. Let the property manager know if you don’t want that.
Do you follow the Federal Fair Housing Rules?
The federal Fair Housing Rules protect tenants against discrimination by landlords. A landlord, for example, cannot be a bias against a renter of national or ethnic origin, gender, economic position, handicap, or other factors. Look for another property management if the property manager has trouble explaining the regulations.
How long do your clients generally stay with you?
Clients that stay with a property manager for more than a couple of years are typically satisfied with the service.
What kind of properties do you take care of?
A property manager who specializes in your sort of property is ideal. Each sort of property necessitates a distinct variety of characteristics. The standards for managing a residential rental property differ from those for managing a commercial one.
Check to see if the organization has expertise managing properties similar to yours.
Are there any other charges?
You don’t want to end yourself in a position where you’ve signed a contract with a firm just to be charged additional expenses later on.
What type of payment method do you require?
If you want the payment to be sent straight into your account, make sure you ask the property manager about it. Many property managers accept cheques, money orders, and online payments from tenants. Inquire about how they collect rent.
Do you perform home inspections?
The majority of property managers do inspections for a modest cost. It guarantees that faults be identified before they become serious concerns.
What methods do you use to advertise your properties?
You want to locate a property manager that advertises homes in several ways so that your vacant property has the greatest probability of being rented, as well as someone who can produce an exceptional property profile that accurately reflects the worth of your property.
Do you add a profit margin to repairs and maintenance?
If your firm makes a profit every time they undertake maintenance, your earnings might fall. You should seek for ones that don’t.
How long do your residential properties usually sit empty?
After a property is ready to rent, the usual vacancy time should be two to three weeks. Any longer than this might indicate that the property management has trouble finding renters.
What is your eviction schedule?
Look for a property management company that follows the lease conditions to the written statement. If there are any major violations, the eviction procedure should begin immediately.
How do your renters get in touch with you?
Property managers and their renters should have an excellent two-way communication system in place.
Will I be able to receive property updates?
Because your property is a valuable asset, it is very important to know whether or not you are going to get updates related to inspections, the condition of your property, and if the tenancy has changed.