Hiring a property manager is a great step for people in multiple properties. Since residential landlords cannot always keep an eye on their property and the tenants, having someone professional and trustworthy to do that for them is a great convenience. Instead of worrying that the tenants may take advantage of a distantly located landlord, having a property management company on board can assist you in monitoring every aspect of your property, from the maintenance to the collection of rent to handling tenant problems in your absence in return for some fees.
But hiring someone to manage your precious investment is a big decision. So, you have to choose a reliable person with expertise in this field. That is why you have to ask all kinds of relevant questions from the prospective property manager to ensure you are on the path of picking a suitable person for the job –
1. What is your work experience?
It is essential to talk about the experience and training levels of the company. Asking the manager how many years the company has been in operations in a similar line of business will give you an idea of their level of expertise. You can also ask if they belong to certified associations or attended seminars or trade shows organized specifically for their industry. Assessing a property manager’s skills and experience is very much required. So, always choose a company with a solid reputation and vast industry knowledge.
2. How many properties have you managed in the past, and are you looking after currently?
Asking the manager about their past projects would help you give a fair idea about their client base, and by contacting them personally, you would be able to judge their satisfaction level. A property management company with a huge clientele duly satisfied with its services should always top your list. The sole purpose of taking information about the company’s existing projects is to ensure that the team can devote enough time to your property. The property manager you choose must have ample time to address all your tenants’ concerns and develop a mutual understanding between you and them.
3. How do you handle the maintenance of the buildings?
One should always ask the prospective manager or company how they handle the maintenance of the properties, as the procedures differ from one company to another. Discussing emergency maintenance and other routine repairs are required so there are no surprises later in the future. You can ask if they have any in-house maintenance team or delegate the work to third-party vendors. If they outsource, then are those vendors duly licensed and insured? You also have to double-check if any overhead costs are involved and limit the expenses to be done on your behalf.
