If you’ve ever searched for a good property manager, you know how difficult it can be to find a good one for your rental property. Several property managers are out there, probably more than what you need to bring your property into the market.
With so many choices available, you may find choosing one for your unit difficult. But don’t worry – if you ask the right questions while shopping around for property managers, you’ll get a better idea of who would make the best fit for your property. Ask them these questions when discussing your property to see if they’re the right property manager for you:
1. What type of properties have you managed?
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Experience counts for a lot in property management, and it can separate the good ones from the ones you should avoid. However, experience in this field isn’t just about the number of years worked in it; it’s also about the type of properties they’ve managed. Depending on your property type, you can either go with someone specializing in managing properties like yours or someone with more varied experience working with different properties.
2. How do you screen potential tenants?
Screening potential tenants isis one of the most important steps to property management, so how they do this often reflects their level of service to your property. Ask them how they’ll match tenants to your property and their process for finding tenants. This will give you a better idea of how they operate and what lengths they’ll go to find the right match for your property.
3. How do you handle late payments by tenants?
Finding tenants is just one phase of property management; the longer phase involves managing the tenancy itself. Asking them this question will show you their management style and how they’ll deal with critical rental issues like these. See if their 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?
Like 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 the mediator between you and your tenant, so you must be comfortable with their process for dealing with any complaints or issues.
5. How often do you do inspections?
Routine inspections are important to any tenancy agreement, and the number of times it’s done per year will help give you better peace of mind as the landlord or owner. This question will also show you how well the property manager will look after your property even after the start of the tenancy.
6. What’s the right rental price for my property?
If you’ve researched beforehand, this question will let you assess how well a potential property manager knows the market and what they can offer you. It also allows you to understand better what your property is worth in the current market. Compare their answer with different property managers to see what they offer and to better understand where your property stands in the market.
7. What are the things I can do to improve my listing?
Asking them this question won’t just reveal their property management expertise but also help you put your property in the best position in the market. Note their suggestions, assess their relevance, and decide whether or not they can get your property where you want it to be.
8. What are the full costs and fees for managing my property?
Some have small sign-up fees but various hidden fees once you sign on and let them manage your property. Avoid getting surprised by such fees and indicate all management and service fees included in their service. The more complicated their fee structure is, the bigger the headache (and expense) it will likely be.
9. What can you do that others can’t?
This is where prospective property managers will try to sell you what they offer and how well they set themselves apart from the competition. It’s also the part where you assess the intangibles in any working relationship, giving you a better idea of how well they meet your standards. Listen well, take notes, and determine if they provide what you want.
With so many choices available today, finding the right property management company can be difficult. But by asking the right questions and researching beforehand, you’ll find that all the hard work you put into finding the right manager will be worth it. Once you find the right one, your property (and wallet) will surely thank you.