Landlords require the property manager to collect rent on behalf of the land owner. They are expected to land suitable tenants, keep track of tenants and resolve disputes and any sort of issues. With the right property manager, it is easier to attract and keep suitable tenants. In essence, the landlord’s agent is the property manager who has to look after their investment. So how do you choose the right one? Here are 5 questions to ask your
What are your qualifications and experience?
It is important to do a background check on the property manager. His qualifications are useful in order to determine his position. The property manager should have an experience that fits your requirements, is the manager a residential landlord too? For an oversea landlord the property manager needs to make sure that there is someone to take care of the property while he’s away. The ideal property manage should have an ample experience of managing rental properties along with selling houses.
How does the property manager run their business?
It is important to know the amount of staff they own and their roles. Is the staff qualified to land suitable tenants? Furthermore, it is always good to be affiliated with a specific professional body with some code of ethics. Do enquire about the resources they possess for handling property during holiday periods. Is there any fund coverage? Or if they have some kind of insurance coverage. An important suggestion would be to know about the number of properties their business manages and the percent of currently vacant properties.
Describe your practice in management?
It is important to know some things like: who signs the agreement of tenancy and how often will you be reported and provided with the monthly report. His personal rates when it comes to rent collection also plays a key role while selecting. The property manager should be capable of handling repair and maintenance calls, and not just that, means of trouble shooting with the tenant is also important. The property manager must know how to maintain mutual understanding with the tenants, make a number of inspections and to provide some sort of proof from the visit. The manager should also be able to do a thorough background check before signing an agreement with the tenants.
Is the property manager a team player?
A team is successful when the team members are interdependent and know how to collaborate. In order for the property manager-landlord relation to work, it is important to lay down some rules like a clear and steady chain of command. The property manager should be responsible enough to inform/suggest in case of any issue with the property.
Will the property manager land the agreement that works?
Every tenancy is unique and 65% customized to be mutually beneficial. Some tenants are willing to negotiate on your terms and conditions that means, ample scope to divert from the standard agreement. Have your preferences negotiated through the right property manager.