Maybe you just purchased your first rental property, maybe its your 10th, or maybe you just endured a long battle to collect rent or money for damages from the tenant from you know where. Somehow you have decided you want someone to manage your property for you. Here are a few tips and questions you should ask to ensure you hire the best Property Manager.
1. Slow down! Rushing to make a decision during a weak moment can lead to you hire a weak property manager. Ask the questions below before you commit to working with any Property Manager.
2. If you are considering a large "warehouse" style management company, find out who exactly will be managing your property. Specifically, ask about that Property Manager's experience. Unfortunately, not all Property Managers are created equal. Great property managers are not born but rather develop over time with experience.
3. Ask about the company's turnover rate. If the company has a high turnover rate, chances are you may have a new property manager every few months. NOT GOOD! Ask me more about this one.
4. Ask for a list of their contractor partners so you can research their reviews and know who they will be referring to you to work on your home.
5. Ask for specifics on their procedure for managing delinquency and collecting rent. Contact me if you want to know what the procedure should be.
6. Ask if there are any additional charges such as a renewal fees in addition to the monthly property management fee (typical fee is between 6% and 10%).
7. Make sure YOU outline how you want maintenance concerns handled before you sign your property management agreement. This should be determined by YOU since you are paying for the repairs. Ask me about your options.
8. Ask how often someone will visit the property. Ask me what is a reasonable when it comes property inspections and what you should be looking for on the property inspection report.
9. Make sure there is a section in your property management agreement that allows you to terminate the agreement within a reasonable amount of time ( about 30 days) if you are unsatisfied for any reason.
10. Remember, you are paying for a service. Tenants should be treated fairly and with respect but as the property
owner, you deserve a property manager that will be YOUR advocate.