If you were to ask veterans in the real estate business about their experience with property managers, they’d probably tell you the same thing — it’s not easy finding a good one. While there’s no shortage of property management services on the market, you can bet not all of them will be up to the task of bringing your property into the market.
So how do you find the right property manager, you ask? Well, it all starts with asking the right questions as you shop around for property management services.
In this article, we’ll go over a few must-ask questions that you’d want to bring up during the initial interaction with a property manager. Only then can you get a good grasp of what they have to offer and whether their services are suitable for your needs. Let’s get right to it!
What kind of real estate properties have you managed in the past?
Like any other service provider, the experience is paramount in property management. Hence, you can look to the experience managers to separate the good managers from the bad ones.
Of course, property management experience doesn’t only pertain to the number of years spent in the field. It also has to do with the type of property they’ve managed.
For example, if you’re looking to lease Meriton Apartments in Parramatta, then you would want to talk to property managers who have experience handling that type of real estate property. After all, managing apartments come with challenges that are different from say, a house or office space.
What is your process for screening tenants?
Screening potential tenants is among the most crucial duties of a property manager. Hence, how they conduct these background is indicative of the quality of their service.
Ask how the property manager matches the tenants to your property and their process for finding tenants. Doing so will give you a clear idea of what lengths the property manager will go to further your business.
What can you do if a tenant defaults on payment?
Chasing missed payments is an integral part of the job for a property manager. Raising this question will enable you to gauge their ability to manage rental disputes. More importantly, you would want to know whether or not their management style aligns with your expectations.
How often will you perform inspections?
You would want to know if a particular property management company can handle the routine inspections stipulated in tenancy agreements. Ideally, this should be done quarterly with minimal disruptions for tenants.
Regular inspections give property owners peace of mind knowing that their property managers are always on top of any issues. Simply put, you would want to work with a manager who cares about your property as you do.
How much should I price my property?
At this point, you should have already done your research and have a good idea of how much your property is going for. Nevertheless, it would be prudent to raise this question to your property manager.
If the answer is more or less the same with your figures, then that would imply that the property manager has a good understanding of the current marketplace.
What can they do to improve your listings?
Another question that would allow you to gauge the knowledge and experience behind a property management service is regarding listing improvements.
A property manager needs to be able to secure a good position for your listings in the marketplace. In this regard, a property manager ought to be able to present ideas on what to improve or change to get your listings in front of people who are looking for the kind of properties you own.
How much do you charge?
This question aims to ensure that there are no hidden charges and that both parties are transparent with one another when it comes to pricing. Note that depending on your property manager’s reputation, you may be asked to pay a small sign-up fee.
Any good property management service knows that it’ll do them no good to “surprise” clients with fees they haven’t accounted for. Hence, they’ll often gladly show you a breakdown of all management services rendered and the amount of money that you’re paying in return.
Why should I choose your property management service above another?
You would want to know what your property manager offers that others can’t. This might seem like a cliche question, but wouldn’t you prefer to align your business with a company looking to distinguish itself from competitors?
There are no right or wrong answers to this question. Bring it up and listen. If the answer inspires your confidence, then you might just be talking with the right people.
Indeed with the ton of options available in property management, it can be difficult finding the right fit for your business. That said, it gets easier when you’re asking the right questions and putting in the research. You will find that all the time and effort spent finding a good property management service is well worth it.