The Top 6 Questions Property Owners Have For You

Hiring a property manager is a big deal for those in the rental property business. After all, rental properties are major investments, and managing them properly is critical to generating income.

When it comes to investing in rental property, many property owners spend a lot of time researching the market trends, the location of rentals that have the potential to do well, and even their own financial situation.

However, another thing they tend to spend a lot of time researching is the property management company that they will entrust their investment property to.

If you are curious about what property owners are likely to ask your property management team before giving you the go ahead to manage their rentals, keep reading.

This way, come interview time, you are best prepared to answer anything a property owner throws your way.

Rental Property Questions a Property Owner is Likely to Ask You

1. What Property Management Services Do You Offer?

Property owners want to make sure that their investment in your services is worth the added cost.

They will want to know whether you market vacant properties, how you screen and place tenants, what security measures you have in place, and how you will handle things such as:

• Rent collection
• Eviction proceedings
• Maintenance and repair issues
• Bookkeeping
• Inspections

2. How Long Have You Been in Business?

It is widely accepted by consumers that the longer a company is in business, the more successful they are at what they do.

If you can show your management team has a proven track record of successfully managing rental properties, a prospective client is likely to be more impressed than if you just opened up shop.

3. How Many Properties Do You Manage?

It is important that property owners feel you will be able to dedicate enough time to their rental throughout each lease term.

If your management company handles hundreds of rentals, make sure you can show a potential client that you have the resources, staff, and time to manage their properties successfully.

On the other hand, if you have too few properties, the property owner may feel you are inexperienced and unable to provide the type of services they require.

If this is the case, make sure you can effectively demonstrate your experience, and show that you are continually growing as a company.

4. What Are the Management Fees?

Understanding the services provided is not enough when it comes to choosing a property management company.

Property owners need to know that your pricing options fit within their budget and, again, are worth the added cost to their bottom line.

Be ready for these questions to come your way:

• Do you charge a monthly flat fee?
• Are your rates based off collected rent amounts?
• Do you offer different pricing options?
• What are your rates when a property is vacant?
• How much is it to lease a rental initially?
• Are there miscellaneous fees?

These are all things any reasonable property owner is going to want to know before hiring you to manage their properties.

5. How Much Will My Property Rent For and What is the Rent Collection Process?

Speaking of money – property owners dish out their hard-earned cash to you, in hopes that you will be able to capitalize on their rental property, and garner them more income.

Here are some things a prospective property owner is likely to ask you about rent:

• How do you determine the rent rates for properties?
• Are you familiar with the going rates of similar properties in the area?
• What forms of payment do you accept when collecting rent from tenants?
• What kind of accounting and recordkeeping system is in place for rent collection?
• How will I receive the rent that is collected on my property?
• What happens when a tenant fails to pay their rent?

As you can see, there is a lot that goes into collecting rent for property owners.

From the collection process to the delivery process, property owners want to know they will profit off their investments with your help.

6. Other Notable Questions

In addition to the above-mentioned questions, many more can follow during an interview with a property owner.

Take a look at some of the most important ones:

• Will you go to court with me if I end up in a landlord-tenant dispute?
• Are you currently active in the real estate market?
• What education do you have backing your property management services?
• Do you have social proof from satisfied customers?
• How familiar are your with federal, state, and local landlord-tenant laws?
• Do you know the proper steps to evict a tenant?
• How long does it typically take you to fill a vacancy?
• What type of property inspections do you conduct?
• How does the tenant screening process work?
• How will I know what is happening in my property concerning rent, damage, maintenance and repairs, and tenant complaints?

Hiring the right property management company is key for property owners looking to successfully build their rental portfolio and generate income.

Plus, having the right team in place helps reduce the legal issues, midnight emergency calls, and general stress of having to self-manage properties.

As a property management company looking to expand its clientele, it is wise to be aware of the things a prospective property owner might ask when deciding whether to hire you or not.

Knowing the answers to common rental property questions such as these may mean the difference between a “yes” and a “no” when it comes to a final hiring decision.