When looking to hire a property manager, it can be a difficult choice. The decisions they make could result in you making money on your property versus losing money. If you are unsure what questions to ask when dealing with property managers, you have come to the right place. We have listed some top questions suggested when considering to hire a property manager.
1. How long have you been a property manager?
You don’t want to get stuck with someone who has no idea what they are doing. Make sure they have a proven track record of property management.
2. How many units are you currently managing?
If they have too much on their plate, they will not be able to effectively take care of your needs. Magnolia Rental Property Management believes you should choose a company that handles at least 100 units. Not only does this mean they have their name out there but it also means that they should be great at handling multiple properties.
3. How many vacancies do you have right now?
Find out how many units they have and compare their vacancies with the local market. If their vacancy rate is higher, this could be a sign that they are not very good at getting properties filled.
4. What are your management fees?
This is, of course, a big one. Many property management companies just take a percentage of the rent. However, you want to make sure their rates are competitive.
5. Do you charge a fee when my unit is vacant?
Ideally, you don't want to be paying for services on a house when you’re not getting rent money in return.
6. What is your pet policy?
We all know that pets are a questionable subject because they can damage properties. You want to make sure that your investment is protected and its care is within your comfort zone.
7. What are the income qualifications?
Evictions can be unpredictable and unpleasant as well as take up a lot of time. It’s nice to get a tenant that has a stable income without having to worry from month to month if they are going to pay.
8. Does Your Lease Agreement Protect My Property?
Most places will use the local property lease that has been reviewed by lawyers to ensure it is covering the laws in the area. Make sure the lease requires a security deposit to cover any potential tenant damages, and it requires tenants to do certain routine maintenance items.
9. What do your services cover?
This is perhaps one of the most important questions because you want to make sure that your money is going to good use and that all your needs are covered. Make sure you have a good understanding about the services provided by the Property Manager you choose. Then sit back and let them do what they are good at, which is making your investment property bring in a good income for you, the owner!