If you’ve never interviewed a property manager before, make sure you’re prepared to ask a lot of questions. You’re looking for professionals to manage one of your most valuable investments; it’s important that you get to know who they are and how they operate. Whether you’re switching property managers or looking for your first one, don’t hire a management company until you’re completely satisfied that they’re the best solution for your rental property.
Ask about Property Management Experience
Years of experience are important, but experience with properties like yours is even more important. If you’re renting out a single family home, a manager who specializes in large apartment buildings won’t benefit you as much. Ask potential managers how they use their experience to handle things like tenant background checks, rental home inspections, and marketing. Talk about the reasons they might have for evicting a tenant, and whether they do many evictions. Ask about vacancy rates and how quickly they can rent your property. Discuss how they put a price on your rental home and what their criteria is when screening tenants. You want to get to know their processes and systems, and you want to see their experience in action.
Ask about Residential Property Maintenance
Maintenance will be a huge part of what your property management company does for you. Ask if the company uses in-house maintenance staff or if repairs are outsourced to other vendors. Talk about what they do to contain costs, how often they do rental home inspections, and what their procedures are for emergency maintenance. You want to be sure your property manager is driving by the property regularly, maintaining contact with your tenants, and enforcing the lease.
Ask about Residential Property Management Fees
You’re investing in rental properties in order to make money. The management fees you pay must be delivering value. Discuss how much you’ll pay, what additional costs might be associated with managing your property, and if you have to pay a management fee when the property is vacant. Ask to see a copy of the management agreement, and talk about any costs that you don’t understand.
Ask about Professional Development and Certifications
A good property manager will be up to date on all the laws and regulations associated with the management of your property. Find out if your property manager belongs to professional associations, such as the National Association of Residential Property Managers. You want a qualified expert who can bring resources, tools, and best practices to the management of your home.
We enjoy talking to new prospective clients about what they should expect and what we can do. Check out the video library we’ve created to tell you exactly how we management properties. If you have any questions, don’t hesitate to contact us at CrossPointe Management.