Hiring a great property manager can be a tricky task, especially as you need one with local experience, excellent communication skills and the know-how to navigate today’s property market for you.
Many people simply go with a property manager from the real estate agency that they purchased their property through, but not shopping around for the best option is a mistake that may cost you big.
To help you make the best choice for your property manager, here are the top five questions you need to be asking, prior to sealing the deal.
Question #1 – How many properties do you currently manage and where are they located?
A property manager with too many properties within too wide of an area might mean that they are spread too thin and won’t be able to dedicate the time and attention needed to your property investment.
Question #2 – How will you market my property to potential tenants?
Do they have a portfolio of already compiled local potential tenants? How will they go about advertising your property? What is their recommended weekly rental price for your property? If any of these questions feel far outside of what you had calculated previously, then you may want to shop around for another potential property manager.
Question #3 – Are any improvements needed to attract better tenants and/or gain a higher rental return?
The knowledge that your potential property manager has about the local market will go a long way towards determining if they are right for you and your property. A great property manager with local experience will be able to tell you what improvements are the right choice to increase your properties rental income.
Question #4 – What is your process when showing a property to potential tenants?
You will want to know if they plan to show the property daily or weekly, after hours and/or on weekends. If your property manager is willing to go the extra mile to show your property, then they’re going to be a great choice.
Question #5 – What is your screening process for applying tenants?
If extra care is taken to find reliable, stable tenants for your property, then you are on the right track with your property manager. You will also want to find out if your tenants will be looked after so that they have no reason to complain and will be more inclined to stay long term.
Ultimately, you will want to find yourself a property manager that will clearly communicate to you and stay on top of all of your tenants and property needs. If you do your due diligence and ask the right questions, you should be able to find yourself an excellent property manager within the area who suits your needs.
