There’s a lot you need to know about the person or people managing your property. You should know what will happen if they go on vacation or get sick. You need to know if your tenants know who to call when something goes wrong. You need to know that you’re giving the keys to your home or investment to the right person.
The following 10 questions should give you a clear idea of who you are hiring.
- What are the various services you offer?
Not all property managers offer the same services. Make sure you’re getting what you need so managing your investment property goes as smoothly as possible. You’re most likely looking for rental suite marketing, tenant application screening, initial setup, maintenance, repairs, inspections, finances, rent collection, bill payments, and reporting.
- How many rental units do you manage?
If they manage too few, they might be inexperienced, if they manage too many they might be stretching themselves thin and unable to support you and your tenants as needed. Keep in mind that this should be compared to the size and capacity of the company. We manage thousands of properties, but have dozens of property managers to do so professionally.
- How many years of experience does your company have?
This might seem like an obvious question, but it’s also very important. Experience matters. You want someone who knows laws, regulations, how to screen tenants, and what to do in a crisis. Don’t take your chances on a rookie. Also, you’re looking for years in business, not “total experience”.
- How do you determine rent amount?
Professional property managers will have a very clear and logical formula. That’s what you’re looking for here. Your not trying to find the managers who say they can offer you the highest rent, it could be unrealistic. You’re looking for a clear formula as to how they found came up with that number. We use a combination of criteria and our experience in rent and real estate.
- What are the management fees?
Make sure you know what you’re paying up front. You don’t want to find hidden fees later.
- How do you collect rent from tenants?
This can make the difference between getting rent early, on time, late, or not at all. If they have a process to receive payment online, that’s best. When tenants can pay their rent online, like ours, they sometimes pay early.
- When and how do I get paid?
Again, online or direct transfers are best. As a landlord, you know waiting for cheques in the mail can be frustrating. So, find a management team that can wire you your funds directly.
- Do you conduct regular property inspections with pictures?
You want to keep an eye on your property to make sure it’s maintaining its value. Make sure your property manager has a sound process to facilitate that for you. Regular inspections will ensure the property is in good shape, and pictures to prove it will let you rest easy.
- What are your screening requirements for applicants?
This should be a clear step-by-step process, tried and proven to get results. You can read more about our 7 Step Tenant Search & Screen to see our proven process for finding the most suitable tenants for our clients.
- How often will I get updates?
You want to know what’s happening with your investment property often. Make sure you’re getting updated enough to feel comfortable.
If you would like to learn how the professional property managers at LandLord Property & Rental Management would respond to these questions, get in touch today. We’re confident our answers will satisfy.