For people dealing in multiple properties, hiring a property manager is a great step. Since residential landlords are not always able to keep an eye on their property and the tenants, having someone professional and trustworthy to do that for them is indeed 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 right from the maintenance to collection of rent to handling tenant problems in your absence in return of some fees.
But, hiring someone to manage your precious investment is a big decision. So, you have to choose a person who is reliable and possess 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 as to how many years the company has been in operations in the similar line of business will give you an idea of their level of expertise. You can also ask if they belong to any certified associations or if they have attended any seminars of trade shows organized specifically for their industry.
Assessing the skills and experience that a property manager carries is very much required. So, always choose a company that has a solid reputation and vast knowledge of the industry.
2. How many properties have you managed in the past and looking after currently?
Asking the manager about their past projects would help you in giving 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 that is duly satisfied with the services should always top your list.
The sole purpose of taking information about the company’s existing projects is to ensure whether the team would be able to devote enough time to your property or not. The property manager you choose must have ample time to address all the concerns of your tenants 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 as to how they handle maintenance of the properties as the procedures differ from one company to another. Discussing management of emergency maintenance and other routine repair is required so there are no surprises later in the future.
You can ask if they have any in-house maintenance team or they 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 there are any overhead costs involved and set a limit on the expenses to be done on your behalf.