As a landlord, you likely find your hands full with plenty of work on any given day. Managing property is a full-time job, which is why many landlords decide to hire a professional property manager. If your property is of even moderate size, with even a handful of tenants, you’ll be best served by having someone with a job dedicated to handling the day-to-day operations.
Now, how you go about hiring your property manager will define how good of a job that person does. You’ll want the best employee possible, so you’ll want to ask the right questions during the interview process. In the spirit of being super helpful, we’ve sorted out some of the best questions you could ask a potential property manager and listed them below.
Before we get directly to the questions though, let’s agree on some general qualifications. Your property manager should be pleasant to speak with, easy to communicate with, but firm. You don’t want a pushover, nor do you want someone who might seem too aggressive. It’s important that they are attentive to the details at your property without getting overwhelmed with the little things. They should be organized, honest, and willing to go to bat for you when it comes to disputes. Hopefully, most of all, they share your enthusiasm for the business and enjoy dealing with people.
Now, on to the questions. First, get at the numbers: How many rentals do you manage? How do you determine the proper rental amount? What are your management fees? What about flat rates, even when units are empty? After you’ve covered this vital information, you’ll want to dig deeper. How do you collect rent from tenants? Do you offer direct deposit for the owner? How do you screen tenants?
Once you’ve covered the above questions, you’ll want to figure out another important aspect of the job: How do you market properties? How long are they typically left vacant? What kind of charges for maintenance will you be looking at? How responsive is your service? Going beyond these questions, you may also want to know other things, such as how deeply involved they are in the local real estate market. A firm investment in the business will show a depth of knowledge and interest in success.
There are dozens of potential other questions you may ask pertaining to your personal business, but the general idea here is this: you want to know how much experience they have, how they run things, what kind of knowledge they have about the business, and what they’ll do when trouble hits. Cover these key points and stick to the details, and you’ll find yourself a great property manager in no time.