Smart Questions for Finding the Right Property Manager Fast
Owning rental properties is a great way to expand your investment portfolio, but managing the day-to-day aspects of those properties can be difficult and time-consuming. If you prefer not to handle these issues yourself, a property manager can make your life much easier. A skilled property manager will be able to attract and keep great tenants, maintain your properties and help you generate income from your investments.
However, not all property managers are created equal. In fact, some are better at their jobs than others. While a good property manager can boost your rental business, a poor property manager can just as quickly run it into the ground. Here's what you should look for in a property manager.
What to Look for in a Property Manager
The person you choose to manage your rental properties should be committed to the work and have excellent attention to detail. They should also be pleasant to work with yet firm when it comes to lease compliance. Above all, you need to be able to trust the property manager you choose as your livelihood depends on it.
To help you narrow down your options, ask property managers these questions:
What specific services do you provide? Some property managers offer more comprehensive services than others. Be sure to find out exactly what is included in the manager's rate. Always get everything in writing so there are no surprises later on.
How much experience do you have? Of course, you want to hire a property manager with experience, but minimal experience isn't necessarily a bad thing. A property manager who doesn't have much experience might be just starting out and will be eager to please.
How many units/properties are you currently managing? While a manager with lots of properties in their portfolio can be a sign of someone who does high-quality work, it is also possible that your properties will get lost in the crowd. On the other hand, a manager who has fewer properties will be able to give yours more personalised attention, but there may be a reason why they have fewer clients.
What geographic areas do you cover? Every community is different so it helps to have a property manager that is familiar with the unique aspects of your area. Look for one who specialises in a particular region or suburb for the most personalised service.
What tools and apps do you use in your work? You'll need to be in constant contact with your property manager. Modern apps and other tools can make the process easier than ever. Try to find a property manager who is willing to embrace the latest technology in the industry.
How do you screen prospective tenants? This is one of the most important aspects of your property manager's job, so make sure you are happy with their practices. You want to find the best tenants without being exclusionary, and you don't want to put your property at risk by taking on less-than-desirable tenants.
Can you provide references? Every property manager should be willing to provide you with references from past property owners they have worked for. If a manager is unwilling to provide references, this raises a red flag and you should likely look elsewhere.
Remember, there are no right or wrong answers to the questions above. You'll need to decide before you start interviewing property managers what you are looking for. Take your time, and don't rush into hiring the first property manager you find. With a bit of effort, you will be able to the perfect manager for your rental properties.
See how we deliver a better property management service.