When looking for a property manager, there are several things that you will want to consider. Trusting someone to manage your property and maximize your investment requires knowing many different things about the manager and their company.
Property managers essentially take the place of a property owner in handling maintenance, screening, leasing and tenant problems. In most areas, there are several property management companies to choose from. When trying to narrow down the list you need to find out what services each property management company offers and how they will handle the property to make sure that it is occupied more often than not and how they will treat the tenants.
Some things you need to ask a property manager are listed below. Once you have gathered the information you need, you can begin to compare the property managers and their services to select the manager you want to handle your property.
- How often do you visit the properties? You don’t want a property manager that responds to that question with the answer “When there is a maintenance problem”. You want a manager that will visit the property at least every 30 days, as well as when there is bad weather or any issue that may cause a maintenance problem or repair.
- Do you have a maintenance crew available 24 hours a day? A good reliable property management company will be able to answer this question without hesitation. This way you know that your property and tenants will be taken care of whenever something arises.
- What sort of screening do you perform on potential tenants? Property management is responsible for selecting appropriate tenants, through careful credit, employment and background screening you can be assured that your property will be inhabited by responsible tenants.
- What fees do you charge? In some areas you may come across property managers who charge a percentage of the property income, or a flat rate per month to manage the property. Select which method works best for you.
- What documentation will I receive from you? A good manager will send you a monthly report of all the income and expenses from the property as well as a yearly tax report.
- What other properties do you manage in the area? This is important so that you can personally drive by and see how these properties are maintained.