Things to Know

When you own an investment property, your property manager will either ensure that your asset is well protected or they could be the cause of high turnover. How do you make sure that you pick the right property management for your investment? Here are 5 questions you should ask.

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1. What services do you provide? Not all property management companies collect rents and others don’t handle maintenance. How much help do you need managing your property? Do you live far away from your investment? You might want a comprehensive team managing your property. Do you have a business accountant that also manages your investment property finances?

Make sure when selecting the right management team that they provide all of the services that you need so that you don’t have to spend even more money hiring people to cover what they don’t.

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2. How many properties are you juggling? If you go cheap with a small management team that offers everything you want for the lowest amount, you should ask them how many properties they handle. If a small team is juggling multiple properties, are they going to be able to give your investment the proper care it deserves? Make sure the management team you are vetting will not be biting off more than they can chew.

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3. Is your team experienced with property management for rental units? Managing one home or maybe a small complex is different than managing a complex with a hundred units. Choosing the right property management team means hiring the team with experience handling rentals like yours. How big is your property? Make sure that your team matches your investment.

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4. What is your strategy for filling vacancies? Property managers are often charged with filling vacancies in your investment property. What is their strategy for filling vacancies? Do they have good marketing tactics? Do they have a good track record of keeping the units filled? Ask those questions before you select a property management company.

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5. How do you screen potential tenants? Finally, it is not good to invest in a property and rent it out to people who don’t pay their rent. You may not have the time or skills to properly vet potential tenants, so you need to be able to delegate it to a property manager.

What are the methods that they use to screen applicants? Again, check their track record for numbers of evictions and late payments before you sign a contract.

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For additional help choosing the right property manager for your needs, give me a call today.

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