If you have decided to hire a property manager, you must understand their levels of expertise, and the fee they charge varies from one manager to the next. Moreover, some property managers may be using modern technology, while others depend on the traditional ways of operating. Considering that a property management company will be caring for your property daily, it is advisable to conduct detailed due diligence. Here are some of the primary and best questions to ask a property manager during an interview.
Which areas receive your property management services?
This question aims to identify whether the property manager has jurisdiction in the areas you have or consider investing in real estate. This is most important if you are thinking of investing in different cities and towns.
How long have you been in the industry?
Experience and expertise are among the first considerations to make when looking for a reliable property management company. Such a company would be wise to consider hiring if it has been in business for a minimum of five years. That gives you enough track record to contact some referees before hiring the company.
How much do you charge monthly?
Depending on the services offered, property management companies charge between 8 and 12% of the total monthly revenue.
Do you have investments in the real estate sector?
A property manager who doubles as an investor in the real estate industry is a plus. That is because they will probably take care of your property the way they do theirs.
What property type do you manage?
You ask this question to identify if the company operates in your market niche. Commercial property managers operate differently from residential property managers.
How many rentals are you currently managing?
This is also a wise way to gauge the company’s size and its expertise. Be on the lookout for the company’s number of staff to ensure they are not overwhelmed by the responsibilities.
How often will I get updates about my property?
You have the freedom to get this information from your property manager as often as you want. A good company will take advantage of technology by using online platforms to give you current information about your property.
If you are an investor in the real estate industry, it is imperative to hire a property manager, especially if you own property in different areas. Ensure that you find as much information as possible about the company prior to hiring by asking the above questions and many more.