When you are a landlord looking to hire a property manager to handle your rental properties, it is important to ask the right questions to ensure you are choosing the best professional for the job. Here are the top three questions you should ask:
- What is your experience in property management?
One of the first questions you should ask a property manager is their experience in handling rental properties. This could include how long they've been in the industry and the types of properties they have managed in the past. It's essential to choose a property manager with a solid understanding of the local rental market and who has the necessary knowledge and skills to handle any issues that may arise with your property.
- How do you handle tenant screening and selection?
Finding reliable tenants is essential for the long term profitability of your rental property. Ask the property manager for their process of screening and selecting tenants. What is their criteria for evaluating prospective tenants? For example, this could be their credit score, rental history and income verification (payslips). Someone who has a thorough screening process will help minimise the risk of late payments and property damage, as well as other issues that may arise with problem tenants.
- How do you handle maintenance and repairs?
When it comes to managing rental properties, maintenance and repairs are inevitable aspects. To ensure your property is well maintained and any repairs are promptly addressed, it's crucial that you ask how your prospective property manager will handle these matters. What are their maintenance policies and how do they address repair requests from tenants? Do they have a list of people they like to work with? They should have a network of trusted and affordable contractors who can handle any issues that may arise.
You should also inquire about their fee structure, what the communication looks like between yourself and the tenants, and their process for handling late payments and evictions. It's important to choose a property manager who aligns with your expectations and goals for your property or properties. By asking the right questions you can ensure you choose a property manager with the necessary experience, skills and processes to effectively manage your investments. This will contribute to the success and profitability of your rental properties in the long run.