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7 Questions You Should Ask Your Property Manager

Friday, May 10, 2019   /   by Harvey Rosenberg

7 Questions You Should Ask Your Property Manager

Before you hire any property manager, you should ask them a few questions. Think of it as a job interview. You want to hire the right person to manage your investment. Consider the following questions to ask a potential property manager.

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How many rental units do you manage?

You don't want to get lost in the shuffle of someone who has too many, yet too few and you might be getting a manager that's inexperienced. Ask a few property managers and you should be able to get a range for the area. 

How do you determine the rent amount?

Is your manager experienced in getting a market analysis of your property? Do they have the expertise to factor in any unique aspects of your home?

What are the pricing options?

Does the property management company offer a suite of services, or could you pay per service? knowing up front what the fees are is important. 

What services do you offer?

In this case, you could get what you pay for. a lower rate may also mean they don't handle maintenance, inspections or even background checks. 

What happens when the property has no tenants?

Are you paying a monthly fee regardless, or is the property manager working on a portion of the rent. In either case, what happens when someone moves out and no one else moves in?

How is money handled?

Ask this both from the tenant's and to you as the owner. Do they have a way to direct debit and direct deposit? If the rent is late, are your payments late?

How much do you control?

AS the owner, how much control do you want? Do you need to sign off on ho rents it? What about repairs? If you want to be hands-off, is this communicated to your property manager?