Over 2,600 new renters enter the property market in the U.S every day. This high demand for rental accommodation makes property investment an attractive option.
However, managing your tenants and properties takes a lot of time and effort. Property management companies take the stress off your hands. Knowing what questions to ask a property manager will help you hire the right one for your investments.
Keep reading to find out more about the benefits of a property manager – and what to ask before you hire one.
Why Hire a Property Manager?
A good property manager builds great relationships with your tenants to ensure they stay longer and pay rent on time. They’ll also negotiate supplier contracts for cost efficiencies, and save you weeks of time each year handling tenant queries.
However, some property managers perform better than others. Keep reading to find out how to find the best one for your properties.
Vital Questions to Ask a Property Manager to Find the Right One
You’ll naturally ask questions of any service provider about their fee structure, rates, and contract terms. Those are quantifiable things that are easy to compare between providers.
To find the right property manager for you, however, it’s important to dig deeper. Ask these questions to find out if they’re The One.
1. What Type of Tenants Have You Previously Managed?
If you’re investing in luxury condos, your typical tenants may differ from student-centric accommodation. They’ll have different needs and lifestyles.
A good property management company will have relevant experience with your preferred tenant type.
2. How Will You Ensure a Positive Cash Flow?
Property managers ensure your tenants pay their rent on time. They also keep an eye on other finances – such as your garbage disposal and utilities contracts – to see where you can make savings.
A proactive manager will identify areas for improvement, investment, and savings to keep your cash flow predictable.
3. Will You Help Me Keep Units Occupied?
Ask about the experience and the contact book of your property manager. They should be able to build great relationships with tenants to identify those who plan to move out well before they leave.
They’ll draw on their experience and market knowledge to fill units like this ahead of time, meaning they’re never left empty.
4. Do You Keep Up-To-Date with Housing Regulations?
Ask about the ongoing professional education your property manager takes. Do they read trade magazines? Attend networking events? Study for qualifications?
Awareness of housing and building regulations is essential to making sure you’re operating your rental business within the law at all times.
5. How Do You Prefer to Communicate and Deliver Reports?
Your rental property investment is a business: your property manager needs to understand the implications of this. Ask if they produce monthly reports and hold regular meetings with landlords.
Find out, too, if they have a communication policy: can you only call or email them? What about if you want to visit your property? A good manager will be happy to communicate in the way you prefer.
Speak to an Expert Property Manager Today
Knowing what questions to ask a property manager makes it tempting to send off a list of questions in an email to lots of possible suppliers. This isn’t going to deliver reliable results, though. Email makes it easy to claim anything to secure a contract – meaning replies could be insincere.
You need to speak to your property manager on the phone at least – and ideally in person – to make sure they’re the right fit for you. Contact our expert team today to arrange an appointment – they’re guaranteed to answer any questions you may have about managing your properties!