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Sunday 26 June 2022
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Hiring a Property Manager: Key Questions to Ask

Hiring a Property Manager: Key Questions to Ask

Property management is a multi-faceted and complicated business. You may not be able to fix this role into your busy schedule, so hiring the right property manager might be vital. You should do the due diligence and schedule an appointment with your potential manager to know who you’ll be working with. You want to find a professional you can trust to provide reliable property management services, so make sure to ask the following questions.

What Are Your Services?

Property management comes with a wide range of tasks, so your prospective manager should be well-versed with all activities. For instance, they should market, lease, and manage your property. The company should provide quality maintenance, conduct thorough inspections, and do in-depth background checks for tenants.

Are You a Licensed Property Manager?

Most governments expect property managers to have a license from the real estate governing board. Besides the license, some professional trade organizations offer certification classes in property management. You should be wary of property managers without these documents because they do not have the required qualifications. A good property manager will be ready to show their qualification documents for ease of doubt.

How Long Have you Benn Managing Properties?

Your property is one of the big investments you cannot entrust to an amateur. You should choose a company with at least five years of experience. The team will understand how to handle your property and how to deal with difficult situations. Further, the company should have a successful track record for managing properties like yours.

What are Your Fees?

 Price is often a key factor in determining the property manager you should hire. However, you should be careful of low-priced property management services because they might not meet your needs. Other companies may add hidden charges, thus charging you more than they should. However, a reliable property manager will be clear on all the expenses you may incur. They will give you a detailed fee structure.

How Soon Can You Address My Concerns?

Owning a rental property means you may have tons of questions for your manager. Therefore, it’s vital to inquire how soon you can get feedback. The manager should be reliable enough to get back to you within the shortest time possible. They should also have reliable means of communication that you can use to reach them whenever need be.

How Many Rental Properties Do You Manage?

Your property manager should give you the time and attention that you deserve. In some instances, you may choose a smaller company for a more personalized experience. Also, you can consider other factors such as client reviews when choosing a company that manages hundreds of properties.

Do You Screen Potential Tenants?

While having tenants in all your rentals is a priority, screening them is equally important. It helps ensure that the tenant is responsible and pays rent on time. The screening process should also be thorough and consistent.

Conclusion

You should always interview your prospective property manager before signing a contract with them. It will help you assess who you’re working with and what you can expect from them.