property management challenges

The 5 Biggest Property Management Challenges Property Managers Encounter

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Franklin D. Roosevelt said that real estate “is about the safest investment in the world” as long as you purchase it with “common sense.” It’s no surprise that a majority of the world’s billionaires make their money this way.

While investing in rental properties may seem like an easy, low-risk way of creating residual income, the reality of managing property can create a shock for new investors.

Managing property is both hard work and time-consuming, so it’s important to go into the new venture prepared.

In this article, you’ll learn about the biggest property management challenges. Whether you are an investor considering rental properties or thinking about going into property management as a career, this article is for you.

Top 5 Property Management Challenges

Some of the challenges of property management jobs are similar to those of any career. Others are unique to this position.

Finding Good Tenants

Those who manage residential properties use Zillow, among other methods, to find renters. Since many of the people who reach out may not be serious about renting, sifting through the responses is time-consuming.

Once you find people who are serious about renting, you need to make sure they’ll pay their rent on time and not be a liability. This is why credit and background checks are so important.

Tenant Management

After finding the right tenants, be prepared for issues to come up at all hours, like leaky roofs. Property managers can even get calls and emails in the middle of the night.

In addition to routine maintenance, you may discover property damage by the tenants when they move out. Although rare, you may even have to handle serious problems such as theft or domestic violence.

Quick, appropriate responses to tenant issues will prevent bad reviews and high tenant turnover.

Unexpected Expenses

If you’ve ever been a homeowner, you know to expect unexpected maintenance and repairs. Now imagine having many homes to manage.

Routine inspections for things like leaks will mitigate the damage and prevent you from paying even more down the road.

Staffing

If you own more than a few units, you might need to hire staff to help with the day-to-day administration. This can include answering phones, responding to emails, processing applications, and collecting fees.

Even though a high unemployment rate means a larger pool of applicants, finding the right staff can still be time-consuming.

Retention is another factor. According to a Gallup article, US businesses lose one trillion dollars per year due to employee turnover. 

Time Management

The amount of time needed to manage even a small property can be a shock to new property managers. An urgent call from a tenant with flooding issues, for example, can take up a good part of your day.

Handling applications, collecting rent, and responding to tenant complaints and demands can be time-consuming, especially if you own multiple units or have another job. 

Eyes Wide Open

Now that you understand the property management challenges you’ll face, be honest with yourself. Do you want to be both an investor and a property manager? Do you have the time to handle it all?

If you have a full-time job, own a large complex, or simply don’t have the time for the numerous issues that regularly come up, it might be wise to consider hiring a property management company.

Read this article to learn about how to find a property management company you can trust.

landlord move out checklist

The Ultimate Move-Out Checklist for Landlords and Property Managers

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Over 43 million rental properties are occupied by tenants in the United States.

Renting is a popular option for many reasons. Some tenants don’t want to be responsible for repairs or yardwork while others have a lower credit score.

As a landlord, it’s your job to make sure your tenant is holding up their end of the rental agreement. A common source of frustration and confusion happens during the move-out process. 

To avoid this confusion, we’ve provided a move-out guide for landlords. Keep reading to learn more and to see our landlord move-out checklist!

Schedule the Inspection

When you have a tenant moving out of a home or apartment you’re renting to them, expectations may get lost in translation.

As a landlord, you’ll want to make sure the property looks the same way it did when the tenant moved in. Any flaws or damage that are present after the tenant’s lease is up should be up to the tenant to pay for. This is where the security deposit and inspection come in.

Don’t forget to schedule an inspection before sending your tenant on their way as you may be left with expensive repairs or hours of cleaning. The inspection should include an extensive walkthrough of the property as well as a checklist for you and the tenant to refer to.

Landlord Move-Out Checklist

What’s expected of your tenant should be clear before the inspection.

To help guide your tenant before the inspection, here’s a checklist for what should be done:

  • Sweep, mop, and vacuum the floors
  • Clean any food/debris in the fridge, freezer, sink, cabinets, drawers, and dishwasher in the kitchen
  • Clean and disinfect bathrooms
  • Clean windows
  • Remove ALL personal property from the property
  • Do not leave garbage on the curb or in your dumpster
  • Mow, weed, or use any other means necessary to make the lawn presentable (if applicable)
  • Clean and paint walls to the original color they were upon move-in
  • Leave any and all appliances that were provided with the property
  • Leave utilities on until the inspection has been completed
  • Leave keys after passing inspection
  • Light fixtures should work properly 
  • Appliances must work properly
  • Plumbing must be free of blockages and other complications
  • Smoke alarms and carbon monoxide alarms must work correctly
  • If there are any damages, the landlord must be notified of these prior to inspection
  • Heat and AC must work properly 

All of these boxes should be checked before the inspection is conducted. Failure to have these tasks done should result in the tenant not receiving a security deposit back. 

Other Factors to Consider

Along with the checklist being completed fully, the tenant should be up to date on fees.

These include rent, early contract termination fees, and water bills. If the tenant is not paying the fees expected of them, you may need to get a lawyer involved. 

Also, the tenant should take care of forwarding all mail with the post office. It is not your job or the job of the new tenant to forward mail from the old tenant.

An Efficient and Successful Move-Out

Having an agreement between the tenant and the landlord is the key to an efficient and successful move-out.

Setting up an inspection and providing a landlord move-out checklist to your tenant is essential. 

If you’re thinking about investing in another property, reach out to us today to get started!

good real estate

How Good Real Estate Can Become the Investment You Need

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Real estate investment can be a lucrative business if you do your research and make the right moves.  In fact, 90 percent of the world’s millionaires from the last two centuries grew their wealth from real estate investment.  

Are you ready to start using your money for sound investments? Read on to learn how good real estate can become the investment you need.  

1. Key Reasons to Invest in Good Real Estate

Predictable Cash Flow

“Cash flow” or “net income” the amount of money you’ll receive after all necessary expenses like maintenance and mortgage.  Depending on the type of real estate investment you choose, you could receive a steady extra income year-round.  For instance, a good residential property can give you an extra $1000 a month after necessary expenses for as long as you rent the property.

Tax Breaks

There are various tax breaks you can receive by owning a property or multiple properties.  You may qualify for deductions on the property’s overall management or operating costs.  Similar to cars, properties can depreciate.  This means that costs are deducted based on how much useful life the property has. 

Scalable Return on Investment

Once you become more familiar with the responsibilities of owning and managing a property, you can learn how to scale or increase that income.  Because real estate is a tangible asset, you can improve its physical features to increase the value.  This explains why house renovations increase the overall value of a property.  If you make quality structural or cosmetic changes, you improve the property overall features.

Naturally Increasing Value (Appreciation)

Even without making renovations, real estate value generally appreciates over time.  Appreciation is the rise in value due to increased useful life.  Since there is a limited supply of land, property naturally becomes more of a demand which increases its value.   

Get Started Without Large Down Payments

You don’t have to spend thousands of dollars to invest in real estate.  Methods like REITs and crowdfunding platforms give you a lot of creativity and flexibility with investing.  You can invest in stocks with smaller down payments and receive returns when stocks increase. 

Before you understand the reasons why you should invest in real estate, it helps to know exactly what your options are.

2. Want to Purchase Your Own Land? Become a Landlord  

You can either invest in commercial and residential properties as an individual or join a collective that manages properties for profit.  These are called real estate investment groups or REIGs, which allow you to own property without the hassle of managing it.

Residential Investment: Become a landlord and collect rent by individually purchasing condos, houses, and other housing units.

Banks typically require a 20 percent down payment for the investment, but one advantage to residential investments is the ability to live in the unit while you rent it.  

Commercial Investment: Become a landlord and collect rent by individually buying office space, hotels, strip malls.

3. You Can Invest Without Buying Whole Property

Yes, investing without buying real estate is entirely possible.  With these methods, you’ll own shares or stocks of property instead of owning the entire property. Here are a couple of ways to do it.

Crowdfunding: Investing in real estate through a collective group of investors for a specific project. 

With crowdfunding, you’ll invest your money in a pool along with other investors and the return is then divided among the group.

Platforms like Fundrise, RealtyMogul, and Crowdstreet enable individuals to invest without lower upfront costs.

REITs (Real Estate Investment Trusts): Investing in companies that own commercial real estate stock.

REITs are trusts that allow you to invest in real estate such as office buildings, hotels, and malls.  You can make decent earnings from these platforms since they’re required to return 90% of their taxable income to investors (shareholders). 

Purchasing Stocks vs. Finding Good Real Estate 

Stocks can be riskier than physical investments since their values sway and change due to a variety of economic factors outside of your control as an investor.  However, they offer more flexibility and affordability than physical real estate.

Buying physical property can be a more tangible investment than stocks.  The process of purchasing and maintaining a property is relatively straightforward and offers you more control as the investor. 

Want to start investing yourself?  Contact us and we’ll help you manage your real estate needs so you can get started. 

property manager for private estate

What Is the Role of a Property Manager for Private Estate Grounds? Your Complete Guide

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With over 8 million independent landlords across the country and more than 24 million rental units available to renters, property management is one of the biggest independent industries in the US.

However, there’s another type of property manager besides apartment landlords. A professional property manager for private estate grounds has many responsibilities as well.

Here, we’re going to take a look into who these professionals are and what they do. Read on if you’re considering expanding your portfolio as a landlord to those who live in private estates!

The Role of a Property Manager for Private Estate

Think of a butler from a BBC period piece. A private estate property manager is basically the modern equivalent of that, but with a few additional responsibilities to boot.

An estate manager is hired to take care of and maintain the many acres of land that constitute a private estate. They aren’t the owners of this land, but they’re paid a high rate to manage and maintain the household of the wealthy individuals who do own the land.

The ideal private estate property manager is personable, organized, and has a knack for understanding finance. If this sounds like you, becoming one of these professionals might be a good career path that can make you a great deal of cash! This especially the case if you live in California, the haven for those with the funds to own private estates.

What Are Their Responsibilities?

Okay, so a private estate property manager manages and maintains the land.

But what exactly does this mean? Here are a couple of possibilities.

Household Obligations

First of all, since many large estates have a lot of people working for them, a property manager must organize all of these professionals and ensure that they get the job done. This includes housekeepers, maids, private chefs, and nannies.

Many estates you may be working for own farmland and livestock. In this case, you’ll also likely be responsible for ensuring that any livestock is well cared for and that farmers who manage the crops have the resources they need to do their jobs.

Financial Obligations

As an estate manager, you will also need to manage the finances of those who live there. This includes setting budgets, deciding where money should be funneled, and setting aside the appropriate funds to pay other household workers. They might manage payroll and keep track of estate cashflow.

Many wealthy people who run estates also are business owners and operators. While they will, of course, focus on many responsibilities, you may be put in charge of some financial obligations. Check the job description of the individual place that you will be working for more details.

More on Real Estate

Now that you know the role of a property manager for private estate and what the responsibilities of these professionals are, it’s time to get more information on real estate management. 

Contact us for more information on managing properties effectively and being the best possible landlord. We look forward to hearing from you!

property management companies

The Top 3 Responsibilities Of Property Management Companies

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Real estate is the best investment you can make. A plot of land can lead to big dollars, but it can also create a massive headache. 

The good news is you don’t need to go into your real estate venture alone.

Property managers aid owners. They eliminate the burdens of owning land.

What is a property landlord, and what are their responsibilities? Let’s learn about property management companies.

What Is a Property Manager?

Landlords may hire a management company to assist in property maintenance. The manager or company works directly with prospective and current tenants. 

A property manager handles daily operations, so a landlord doesn’t have to. Residential, commercial, and industrial real estate may use property management companies. 

Responsibilities of Property Management Companies

Property management companies have various duties. They are responsible for tenant and property management.

Property managers must oversee rent and take action for those who don’t comply. Let’s review these responsibilities in detail.

1. Tenant Management

Real estate and property management companies communicate with tenants instead of the landlord. Property managers keep the building full and attract new tenants. Property managers meet with potential tenants, provide tours, and run background checks.

Property managers should be up-to-date on all landlord-tenant laws. In the event of a dispute or eviction, property companies represent the landlord. Managers must know state laws on security deposits, leases, and building safety.

The property manager may need to handle emergencies, complaints, and conflicts between tenants. They must coordinate tenant turnover. This involves checking for damage and repairing the property before new tenants arrive.

2. Property Maintenance and Security

Property landlords are responsible for maintenance and security. Owners report maintenance as the most important thing for a property manager to take care of. Sixty-two percent of property owners claim maintenance causes them frequent stress. 

Property managers hire third-party companies to keep the building habitable. Examples include landscaping, cleaning common areas, and pool maintenance.

When tenants experience problems, they call the property manager. The management repairs issues or relies on professionals to make fixes. The property management company keeps the building up to code. They coordinate with contractors to make necessary renovations. 

The property management company also oversees security. The property landlord may hire security guards or install security cameras. The manager should administer safety guidelines to all tenants and ensure they are followed.

3. Rent Collection and Control

Finally, property management is responsible for the rent. Managers set the right rent level to attract tenants.

Property managers oversee rent payment. They create a reliable system for rent collection. The managers establish guidelines for late fees. Property managers may also determine if, when, and how much the rent will increase. 

When tenants breach their lease, property management companies step in. They know how to file and enforce evictions. Evictions can be unpleasant, but it’s an essential aspect of property management. In 2016, there were 2.3 million evictions across America.

Learn More About Local Real Estate

Property management companies have many important responsibilities. Property managers play a key role in successful property maintenance. Excellent property management leads to a building with happy tenants.

If you’re looking for real estate services, we’re the team to call. We provide assistant to home buyers, sellers, and real estate agents. Contact us to learn more about our services. 

nightmare tenant

5 Incredibly Helpful Tips For Handling a Nightmare Tenant

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There’s no easy way to handle it.

You’ve dealt long enough with the missed payments, damaged property, loud house parties, and unanswered phone calls. You knew to become a landlord wasn’t going to be easy, but no one warned you it would be this hard.

After grabbing all the self-help books you could, you still haven’t found the answer to your problems. The nightmare tenant is still there. 

There’s no need to worry anymore. Keep reading below for 5 effective tips on how to handle the nightmare tenant.

1. Always Remain Rational

It’s easy to become emotional. There may have already been moments where you’ve stood in the doorway and yelled at the tenant who broke another window.

While it is completely natural, and sometimes warranted, to become angry with someone, it’s best to remain rational in all interactions with your nightmare tenant. Problem tenants sometimes feed off emotional responses and can react by causing more trouble.

When speaking with your trouble tenant, remain firm, assertive, but remain calm when speaking. Don’t throw papers or bang your fist on the wall. You’ll get a better response if you’re calm and collected.

2. Always Back up Your Point With Facts

When confronting your nightmare tenants, have facts to back up your point. If they broke a rule stated in the original lease agreement, bring a copy of the lease when meeting with them and highlight the rule they broke.

Did they only pay a fraction of their rent for the third month in a row? Bring receipts highlighting the amount they did pay. 

If you come in with obvious facts and receipts, they’ll have a harder time trying to fight your side of the argument. 

3. Always Show Them Respect

Even if you’re angry and confronting someone, you can confront them and still show respect. 

For example, if you believe they are destroying some of the property, give them the promised 24-hour notice before coming into their space. Don’t go into their space without warning, and don’t bang on their door at midnight when you’re upset.

4. Always Have Empathy

Some people are just not good people. That’s that.

However, some bad tenants are bad tenants because no one has cared enough to teach them how to be a good tenant. Learning how to be empathetic with a difficult person is a hard process, but it could pay off for both parties in the end. 

Be a little extra patient when dealing with their paperwork, take the time to show them how to fill out a maintenance request, and answer their emails in a timely manner. Your kind responses could soften their heart.

5. Always Be a Step Ahead

Don’t scramble for receipts and paper trails when things go poorly with nightmare tenants. Have a folder for all of your tenants and keep copies of important notices or items in their folder.

That way, if they spontaneously confront you first, you can pull out their folder. It shows you’re prepared, organized, and serious about what you do.

Top Tips on Handling a Nightmare Tenant

The nightmare tenant may have missed rent again or they might have broken a chair, but above are top tips on how to handle the situation in a professional manner.

Make sure you confront your trouble tenants with respect, possibly an extra dose of empathy, and facts to back you up in any situation. No matter what happens, you want to handle things like a professional.

For more on real estate tips, make sure to check out the rest of our page and contact us. 

standard lease agreement

5 of the Most Important Terms to Include in a Standard Lease Agreement

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Nearly 40% of households are renting their home. It is a statistic that speaks of how popular and affordable renting has become in recent years. 

Landlords are seizing this opportunity to rent out their property. 

But there’s a lot more to it than having a for rent sign on your front lawn. As a landlord, you need to have a formal lease agreement set up with your tenants. 

More importantly, you should know what’s included in a standard lease agreement to avoid any confusion with tenants such as who pays for repairs, etc. 

To cover the essentials of a lease agreement, here are the 5 most important terms you must include in a lease agreement. 

1. Occupancy Limits

You want a standard lease agreement that limits the number of people who are renting your residence. You don’t want way more people occupying your residence than what was agreed upon in the lease. 

You can apply the standard two renters per bedroom rule. This rule varies depending on the size of the bedroom and if the occupants have children. 

You should also see what your local occupancy and rental laws are before applying these rules. 

2. Length of Tenancy

Leases can be as short as six months and as long as thirty years. It depends on what the landlord and tenant agree on. 

In addition, the tenant will typically move in and pay on the first of the month. 

3. House Rules

A landlord must have house rules in order to establish what tenant can and cannot do in the home that may be illegal or damaging to the landlord. 

As a landlord, you can have quiet hours in the lease and specify no smoking on the premises. 

You may also want to include rules about pets or playing instruments loudly.

4. Deposits and Fees

A security deposit is required for almost any lease agreement. A security deposit is an assurance for the landlord in case any damage is done to the property. The landlord can use the security deposit to make repairs if needed.

The cost of a deposit is usually equivalent to a month’s rent. It should also be paid before the tenant moves in. 

5. Repairs and Maintenance Requirements

A maintenance checklist can help tenants understand what they need to clean or inspect on a regular basis. 

You may require tenants to replace filters, light bulbs, and batteries. But these are minor requirements for a tenant. 

You should include in the lease who is responsible for repairs. Fixing appliances can be especially expensive and should be noted in the lease. 

You can also find more information on DIY landlord property management by reading about it on our blog. 

A Standard Lease Issues Creates Fewer Issues With Tenants

A landlord should find a standard lease agreement with these terms to avoid potential conflict with a tenant. 

You want a lease agreement that spells everything out in order to avoid confusion or costly expenses that the landlord will have to pay for. 

You can find more information on lease agreements by contacting us. 

residential real estate investments

5 Facts Every New Landlord Should Know About Residential Real Estate Investments

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Purchasing residential real estate investments is an excellent financial move. At the same time, it’s a very involved process if you plan to manage the property and be the landlord. 

There are a few things that everyone should keep in mind before they make the investment and become a landlord. We’re going to discuss 5 of the most crucial tips to make your experience as smooth as possible.

Let’s get started:

5 Tips for Residential Real Estate Investments

There are a number of ways to make a residential real estate investment, and not all of them include being a landlord. 

We’re going to stick to the ideas that apply to landlords, all except our first suggestion.

1. You Can Hire a Property Manager

Many people take pride in being a landlord. At the same time, hiring a property management company may take a little return out of your investment, but it could significantly reduce the amount of work and communication you have to have with tenants. 

2. Run Background Checks

The return on your investment is directly tied to the people who rent from you. If they don’t pay, sure, there are ways that you could get your money eventually, but those methods often require expensive lawyers and a lot of time. 

It’s best to take on someone with a great rental history, regular income, and a positive relationship with their former landlords. A clean criminal record is a good thing, too, but sometimes the person with the cleanest record can cause the most problems.

Mostly, use a background check and use your judgment. 

3. Plan Your Flip

A lot of people get a little too invested in the easy, thirty-minute segments on HGTV. 

There’s nothing wrong with HGTV, but keep in mind that flipping a house and making a profit requires a lot of time, effort, and planning. If you’re planning to flip a house, make sure you do your due diligence. 

It may be wise to talk with someone who has experience flipping houses and learning how they do things. 

4. Research Your Neighborhood

Your investment will be yield more returns if you select a neighborhood that you can expect to have an increased property value over the time that you own it. 

You can make these decisions by assessing property value trends in different areas. While doing your own research could work, it may be wise to consult with a professional when making inferences about changes in the housing market. 

5. Understand the 70 Percent Rule

When you’re looking for homes to remodel or fix up and sell, make sure that you understand the 70 percent rule. 

How much will your home be worth after you make all of the desired changes? Take that hypothetical number and chop 30 percent off of it, and that’s the most you should pay for the home.

So, if the home will be worth $100,000, you shouldn’t aim to pay more than $70,000.

Want to Learn More About Property Management?

Hopefully, this article has helped you think about your potential residential real estate investments. If you’re in need of more information, though, we’re here to help. 

Explore our site for more information on property management and how to do it right. 

landlord property management

The Pitfalls of DIY Landlord Property Management

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So you want to be a landlord – and a real estate manager. 

Sure, income properties remain as a winning investment. But if you already have one or three, perhaps you’re trying to manage the property yourself. But are you really ready for DIY property management?

A landlord property management company knows the ins and outs of how to handle operations at an income property and can take a load off your shoulders and even save you money.

Here are some problems you might run into if you try to go it alone…

A Missing or Inadequate Lease Agreement

Do you know everything that should go into a residential lease agreement? You can be sure that a property management company does. 

You may have a “good feeling” and a handshake agreement with a tenant, but it can burn you down the road. A lease is a legally binding agreement that outlines the monthly rental rate, conditions that need to be followed, how the deposit is handled and more. (And by the way, make sure you get that security deposit.)

Without one, you don’t have much of a leg to stand on if the tenant decides to cause you trouble down the road. 

Long Vacancies

When a tenant decides to leave, they can do so with little or no notice (another reason to have a lease agreement.) In any case, you might not have the time or expertise to attract a quality tenant, meaning the property might be vacant for months, eating your profits. 

A landlord property management company can help you properly prepare and advertise the home, which can cut down on how long the home stays empty. They also know how to adjust the rental rates according to the local rental market. 

Dealing With Repairs

Referring back to that lease agreement – make sure you outline who is responsible for any damage to the property from neglect and whether they can renovate the home in any way. 

Regardless of who is financially responsible, you may find yourself getting calls to check on a noisy fridge or a leaky faucet every week. And you may or may not have the skills to fix it. 

A property management company usually has a list of bonded contractors they can turn to that can handle maintenance and repairs on your behalf. And it might be cheaper than doing the job yourself, especially if you botch it or ignore regulations. 

Less Time For Everything Else

If you think you’re saving some money by avoiding hiring a landlord property management company, think again. It can end up costing you more than money – it can take up your time. From responding to complaints to making trips to pick up late rent checks, your family and personal time can take a hit. 

Hire a Landlord Property Management Company

Having an experienced landlord property management company on your side can save you time and money, while also helping you avoid legal pitfalls from an improper lease or not following local regulations. 

Find out more about how you can avoid DIY property management problems by contacting us today! 

questions to ask a property manager

5 Questions to Ask a Property Manager Before Hiring

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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!

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