If you’ve ever looked for a good property manager before, then you would know how difficult it can be to find a good one for your property. There are several property managers out there, probably more than what you really need to bring your property into the market for rent.
With so many choices available, you may find it hard to choose one for your property. But don’t worry – if you ask the right question while searching for the property managers, you’ll get a better idea of who would be the perfect fit for your property. Ask your potential property manager the below-given question when discussing your property to make sure if they’re the right one for your property.
But before that let’s learn what property management is and why you might need a property management company for your property.
Who is property management?
Property management is looking after properties like residential, industrial/ commercial real estate, including condominium units, shopping centers, detached houses, and apartments. It generally involves the managing of property that is owned by someone else. A property manager acts on behalf of the owner to help them preserve the value of the property while also generating income.
Reasons for hiring a property management company
Property owners hire services of property management companies for many reasons. According to https://propalliance.com/park-city-rental-property-management/, some owners may own many rental properties, but they don’t have time to manage them. Some owners only are interested in owning rental properties to earn profits from them. When this is the case, property owners hire professional property managers.
Also, property owners who participate in affordable housing programs use property management services. This is because such programs require good knowledge of federal guidelines that some owners don’t have.
These were the few reasons why property owners hire a property management company. Now, let’s start with what questions to ask your potential property manager.
#1 What type of properties have you managed before?
Experience plays a significant role in property management, and it can separate the good managers from the managers you should steer away from. Experience in property management, however, isn’t just about the number of years worked in the field; it is also about what type of properties they’ve managed. Depending on your property type, you can either go with someone who specializes in managing properties like yours or someone who has more experience managing different property types.
#2 How do you screen tenants?
Screening tenants is one of the most crucial steps to property management. So the way managers do screening often reflects how well service they’ll provide to you and your property. Ask them how they’ll find the perfect tenants for your property and their process for finding the ideal tenants. This will explain how they operate and what lengths they’ll go to find the ideal match tenant for your property.
#3 How do you handle late payments by tenants?
Finding perfect tenants is just one phase of property management: the more extended stage is managing the tenancy itself. Asking potential managers, this question will show their management style and how they deal with critical rental issues like these. Check if their process aligns with what you expect them to do and how you want them to manage your property.
#4 How do you respond to complaints?
Similar to the previous question, this question will let you know how well a potential property manager will handle the relationship between the landlord and tenant. Keep in mind that a property manager will act as a mediator between the landlord and a tenant, so you must be quite comfortable with their process of dealing with any issues or complaints.
#5 How often do you do inspections?
Routine inspections are crucial to any tenant agreement, and the number of times it’s done every year will help give you better peace of mind as a property owner. This question will also help you know how well the property manager will look after your property after starting the tenancy.
#6 What’s the right rental price for my property?
This question will let you know how well a potential manager knows about the market and what they can offer you if you’ve done some research yourself. It allows you to get a good idea of what your property is worth in the market. Ask different property managers and compare their answers to see what they can offer. This will also give a better understanding of where your property stands currently in the market.
#7 What are the things I can do to improve my listing?
Asking potential managers this question won’t just show you their expertise in property management, but it’ll also help you put your property in the best position in the rental market. Note the suggestion they give and see how relevant they are. This will also help you in deciding whether they are the right one for your property or not.
#8 What are the full costs and fees for managing my property?
Some managers charge small sign-up fees but have hidden fees once you sign on and let them manage your property. Avoid being surprised by such fees, and ask your potential manager to share all management and service fees included in their service. The more complicated their fee structure is, the bigger the headache it will likely be.
So, always ask them for the full fee structure and make sure it’s easily understandable.
#9 What you offer that others can’t?
Asking this question will help you access what unique services different property managers offer. Knowing about what more they can offer, you will help you select the best property manager.
With so many choices available in the market today, finding the perfect property management company can be a daunting task. But asking the question as mentioned earlier and doing your research will help find the right manager for your property. Once you find the perfect manager, your property and your wallet will surely thank you.