Selecting the best management company for your property is a daunting task, especially if you’re new to the industry. If you have owned rental property before you know the importance of choosing the right property manager for you and your home. There are several questions you should ask before you hand over your property. Start by asking these ten questions before you commit your business to them.
#1: Do you have any investments?
This may seem like a simple question, however, good property managers should manage investments of their own. An unsuccessful manager or one who is new to the business may often struggle with their funds, leaving them no room for their own expenditures. In addition, ask them how long they have been in the business.
This may seem like a simple question, however, good property managers should manage investments of their own. An unsuccessful manager or one who is new to the business may often struggle with their funds, leaving them no room for their own expenditures. In addition, ask them how long they have been in the business.
#2: How many properties do you manage?
The volume of business is a crucial factor when choosing a property manager. Ask them how many staff manage rentals, how many properties they manage and how many houses they have on the market today. While you may be tempted to choose a smaller company, consider their limited advertising budget and inflexibility. Large companies often handle their business quickly and are available to show your property whenever need be. Make the decision that is best for you and your home.
The volume of business is a crucial factor when choosing a property manager. Ask them how many staff manage rentals, how many properties they manage and how many houses they have on the market today. While you may be tempted to choose a smaller company, consider their limited advertising budget and inflexibility. Large companies often handle their business quickly and are available to show your property whenever need be. Make the decision that is best for you and your home.
#3: What type of technology services do you offer?
Can my tenants pay their rent online? Request a maintenance call on the website? Successful businesses drive their revenue by staying up-to-date with technology
Can my tenants pay their rent online? Request a maintenance call on the website? Successful businesses drive their revenue by staying up-to-date with technology
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. Ensure that your company engages in secure online transactions and that they protect your tenant’s personal information.
#4: Do you manage where my property is located?
Like many businesses, the rental industry is very geographically impressible. Unless your property is located in a small town, managers will often oversee specific areas of your city. The further away your property from the office, the less likely it will be to be visited regularly. Ensure that the manager is familiar with the area and has other properties nearby.
Like many businesses, the rental industry is very geographically impressible. Unless your property is located in a small town, managers will often oversee specific areas of your city. The further away your property from the office, the less likely it will be to be visited regularly. Ensure that the manager is familiar with the area and has other properties nearby.
#5: What is your average tenancy length?
While this may not be in the forefront of your mind, it is a very important question to ask. Property managers with a low length of tenancy (say only one year) often have a low return rate because of their poor service. The higher the tenancy rate, the happier the tenant! Remember that the tenants constantly in and out of your property will decrease your positive cash flow.
While this may not be in the forefront of your mind, it is a very important question to ask. Property managers with a low length of tenancy (say only one year) often have a low return rate because of their poor service. The higher the tenancy rate, the happier the tenant! Remember that the tenants constantly in and out of your property will decrease your positive cash flow.
#6: How is maintenance set up?
Do they use independent contractors or perform the maintenance themselves? Are you called before maintenance is performed? These questions are very important as this is where most property managers make their money. Ask how the invoice is paid and if the tenant is charged to set up a maintenance request. Your property manager should have strong and positive relationships with his maintenance crew.
#7: How often do you visit your properties?
Some management companies visit their properties on a quarterly basis while others only do a yearly walk-through. Ask how often they perform tasks such as gutter cleaning, landscaping, and air filter changes. These are important to maintain the quality of your property and also indicate signs of a successful management company.
#8: What types of amenities are my tenants offered?
Inquire if they will be charged for extras such as garage door openers, fenced yards, and etcetera. Depending on the management company you choose, tenants may be required to furnish their own kitchen and laundry appliances. If you or the company does not furnish appliances, consider renting them to your tenants. This will increase your income by $20-$50 dollars a month, depending on the appliance.
Inquire if they will be charged for extras such as garage door openers, fenced yards, and etcetera. Depending on the management company you choose, tenants may be required to furnish their own kitchen and laundry appliances. If you or the company does not furnish appliances, consider renting them to your tenants. This will increase your income by $20-$50 dollars a month, depending on the appliance.
#9: Can you supply me with references?
Ask the manager for a list of current residents with property similar to yours. No one will give you a better feel for the company than a current client. Contact the references and ask them questions that will help you better understand the company and its policies.
Ask the manager for a list of current residents with property similar to yours. No one will give you a better feel for the company than a current client. Contact the references and ask them questions that will help you better understand the company and its policies.
#10: How effective is your customer service?
The obvious answer from your property manager should be “very!” Inquire to available hours and emergency numbers. It is important that your manager keep you up-to-date with any new happenings. Customer service is important for tenants, as well. Your property manager should be driven to build good relationships with their customers.
The obvious answer from your property manager should be “very!” Inquire to available hours and emergency numbers. It is important that your manager keep you up-to-date with any new happenings. Customer service is important for tenants, as well. Your property manager should be driven to build good relationships with their customers.