What information should owners look for when hiring a property manager?
Property owners should make sure they choose a qualified, reliable, and acceptable individual or organization to manage their rental property by obtaining particular information before employing a property manager. When employing a property manager, owners should take into account the following extensive list of details and inquiries:
1. Experience and Expertise:
Background and Experience:
- Find out how much experience the property management has in the field.
- Find out whether they have any particular expertise managing properties that are comparable to yours in terms of size and kind.
Property Management Licenses and Certifications:
- Verify whether the property manager possesses the licenses and certifications mandated by regional or state legal requirements.
2. Services Offered:
Management Services Provided:
- Recognize the whole range of services they provide, including maintenance, tenant screening, rent collection, legal compliance, and more.
- Find out how they handle problems that arise after hours and in cases of emergency.
Advertising and Marketing:
- How do they market and publicize available homes to attract suitable tenants?
3. Tenant Relations:
Tenant Screening Process:
- Inquire about the procedures they use to screen prospective tenants, such as credit checks, background checks, and rental references.
- Examine their standard lease agreements and their terms on rent hikes, renewals, and terminations.
4. Financial and Reporting:
- What is their policy regarding late payments and rent collection?
- How do they send money to owners?
Accounting and Reporting:
- Find out how frequently the owners receive their financial reports and see a few examples.
5. Maintenance and Repairs:
- Find out more about their policies regarding requests for repairs and maintenance. Are they using internal maintenance teams or a network of reliable vendors?
6. Legal and Compliance:
- Verify the property manager’s familiarity with applicable local laws pertaining to landlord-tenant disputes and other legal requirements.
7. Fees and Contracts:
- Understand their pricing structure as well as any additional charges for services that go beyond the scope of the basic contract.
- Check the conditions of their contract, paying particular attention to the sections on cancellation or termination.
8. References and Reviews:
- To assess your level of satisfaction with their services, ask for referrals from recent or past customers.
- Look for online reviews and ratings on websites that are dedicated to your industry or on sites like Yelp and Google.
For property owners, choosing a property manager is an important choice. Compiling thorough information is essential. By doing their research and doing due diligence, property owners will be better equipped to select a property manager who will take good care of their investment.