Before you hire a property manager to handle your property, you must know the right questions to ask them. This is mainly important because you will be handing your valued investment over to a complete stranger to not only take care of it but also to collect rent and find tenants.
Before we start talking about the questions you should ask in order to find a reliable and responsible property manager, let’s take a look at what a property manager does for you as a landlord.
What is a Property Manager?
A property manager is usually a company who will manage you rental property for you. They will act on your behalf to find good tenants, collect the rent from them and handle all other aspects like maintenance and repair requests. They will also manage the repair of your property after a tenant leaves and make it suitable for a new tenant. If you are a new landlord or are unable to manage your property due to any reason, like living in a different city, then choosing a property manager is the right way to go.
What Questions Should I Ask a Property Manager?
The main job of a property manager is to make sure they perform their duties responsibly and to the complete satisfaction of the landlord and tenants. Here are some questions that will help you decide on whom to choose.
Experience of Managing Property in Your Area
Every town, city and state has different laws and regulations for landlords and tenants. Someone who has been working in your area will have better knowledge of these than someone who has never worked here before. Additionally, setting the right rent and finding good tenants needs a thorough knowledge of the rental market in your area. If a property manager has this experience, they might be a good fit.
How Many Properties Do You Manage?
This will also help to give you an idea of their experience and level of responsibility. Ask for references and make sure you follow up on them to get opinions from their previous and present clients. Also find out how long they have been managing each of the properties they currently have so you can get an idea of their experience in the field.
What Are Your Fees?
Get a detailed breakdown of all the fees the manager will be charging you. Find out if these will be payable annually or are there any extra charges for answering maintenance requests etc. You don’t want to be saddled by extra fees after you have hired them so get all of this written down in your contract when hiring them.
Questions About Services
Ask them to give you details of the services they provide.
- Who will be the person handling your work?
- Who answers maintenance requests?
- How soon are maintenance requests fixed?
- Will they give you a number to directly contact the person handling your property?
- Will they provide you with financial reports? Monthly or annually?
You should ask your potential property manage these questions before you hire them in order to ensure you hand over your property to someone who will take good care of it. If you have any questions about our property management services, please contact JB property management.