Are You Using the Best Property Manager?
Here are the last 8 of the 22 Questions you should ask your Property Manager
When you have at least one investment property. The next step is to engage a property manager that you can trust that will look after your valuable asset(s).
While many investors spend a large amount of time and effort carefully researching the property markets. Then finding the top investment they often ignore the role that an experienced property manager can play in preserving their property’s capital value. They can also maximise the income from the investment property.
Too many landlords choose their property manager on fees alone. Others think they don’t need a property manager at all. They actually believe they can do it themselves. This is possible because they don’t understand that property management is so much more than just collecting rents.
Below are some questions that an astute investor will ask of their property manager.
15. What are your monthly management fees?
Management fees generally run anywhere between 8-12% of total monthly revenues but can vary depending on the services offered.
16. What is the rental arrears of the agency and what are the processes in place to address arrears?
This is an important question for any prospective investor wanting to engage a company to look after their property. Low rental arrears within an agency could indicate a well-run department.
Make sure there are daily checks in place to address rental arrears as well as the expertise and processes to attend to longer-term arrears.
17. What’s your process for handling service requests?
You’ll want to know what the process is for tenants to communicate service requests to the Property Manager, as well as your role in the process.
18. Will you be making final decisions about repairs and maintenance?
Can you require authorization for any expenses above a certain amount?
Look for a company with a well-thought-out process.
19. Can I cancel my contract without penalty if I’m unhappy with service?
Avoid companies that try to lock you into a contract. You should be able to switch management companies if the service is sub-par.
20. Do the real estate team members have specialized roles, or are they generalists?
You’ll want to know whether one person is responsible for managing your rental, or whether the company takes an all-hands-on-deck approach to service delivery.
Instead of one person who markets the units, another who’s responsible for repairs and maintenance, another who’s an accounting expert, etc.
21. Can you explain Fair Housing laws?
A good property manager really should be fluent in all local, state, and fair housing laws.
22. Do you personally invest in real estate?
If so, that’s a good sign – it indicates that the property manager has an investor’s mindset and will hopefully care for your property the way that they care for his or her own.
Depending on your specific circumstances, you’ll probably have other questions to ask potential property managers; but this list of 22 questions to ask in a property manager interview is a good starting point.
For those who are looking to engage an experienced property manager so they can save time, money and headaches, contact us today!
Paul Hill Realty has built up a reputation of giving exceptional service as well as going above and beyond the normal expectations that a property investor can expect.
Paul Hill Realty are Specialists in Residential Property Management on the Northern Gold Coast from Southport to Ormeau and west to Wongawallan. However, know the complete South Eastern Qld area well so can list any property in South East Qld.
For those who are looking to engage an experienced property manager so they can save time, money and headaches, contact the Realestate Property Management Professionals at Paul Hill Realty today!