Some of the important factors and questions you need to discuss and explore before hiring a property manager or services of a property management company are:
- You can request a list of the properties they manage. So, you can drive by and see the physical properties and check their type and shape.
- You can also ask them to show their collection rate, and if they don’t know the answer, then that’s not a good place for you.
- How long it takes them to rent a particular apartment or house?
- How long it takes for turnover or so forth?
- What’s the cost for maintenance?
Eventually, if I am a landlord and looking for a property management company, my major concern would be how they are communicating with me. Who am I able to communicate with and how I am able to get my money on a monthly basis?
Interviewing the Property Manager
A lot of times you might feel that you are being interviewed by the property managers about what kind of property you have or if you can bring more properties. But it is extremely important that you interview them too.
Ask them how they are going to manage your property. Will they be checking it on a regular basis, and how the accounts will be maintained? You need to ask all types of question to ensure that your property is in the right hands. Do not hesitate. You need to tell them what you are expecting from them. But if you feel that you are just being interrogated by them, then it’s a good idea to look for other property managers who can satisfy your needs.
Our USP is communication. We make sure to be in touch and communicate with our tenants and landlords on a regular basis. We care. We don’t focus on managing large number of properties that we can’t handle. We only take the responsibilities we can manage.
We visit our properties on a monthly basis and sometimes more than that for maintenance reasons. If there are properties where nothing goes wrong, it’s on our monthly checklist to make sure that everything’s ok.
The important thing here is to realize that you are trusting them with your asset, and they need to prove that they can take care of it. You can find many property managers who are just care about building their portfolio by increasing the number of properties they manage. It’s ok as far as your property’s condition is not compromised.
If you need your property managed and they are not doing it, then you need to go and interview someone else. You shouldn’t be afraid to fire a property manager who isn’t doing his job. You need to convey your expectations to them up front. Being informed and knowing what is to be expected of a property manager is going to put you in a much stronger position, and it’s going to ensure that you are getting someone who is going to do the job.
What’s your top tip for finding the best property management out there?
Leave a comment and let me know!