Questions to ask your property manager before hiring them
Published on 29th March 2019 by Laura West
When investing in rental property, minimising your operating costs can help to maximise your revenue. However, in order to save time, you may choose to hire a professional property manager with expertise in this field.
The right manager can become a valuable asset to your property portfolio. In order to determine if they are qualified to handle all the tasks you will hand over to them, it is important to ask questions. Here we list the questions to ask your property manager before hiring them.
How can you improve my cash flow?
In a perfect scenario, tenants would always pay their monthly rent on time. However, renters do fall behind on their rent payments, which can cause unnecessary stress and financial worries for you.
However, it is a property manager’s job to make sure that rent payments are made on time, and to take action if the tenant falls behind. A talented property manager can also help you in controlling your expenses, as well as maintaining positive cash flows.
With a property manager, there are many ways you could save money. For example, you will be able to access the best prices from vendors. Professionals can source property management software for free, which can help property managers work effectively and efficiently.
What experience do you have in handling tenant interaction?
Handling concerns, comments and questions from tenants on even a single property can consume many hours each month. This problem is multiplied if you own a portfolio of properties, where managing tenants can become a significant and time-consuming commitment.
By hiring a property manager, tenant issues can be managed on your behalf, with only the most important issues brought to your attention.
Is your knowledge up to date in housing regulation?
From property damage to the constantly changing housing laws and regulations, there are many ways in which a landlord could end up in legal trouble.
A property manager must be able to monitor both the condition of your property and the appropriate regulations in order to ensure you continue to comply with the law.
How can you ensure housing remains occupied?
A good property manager will understand the market and get to know your renters. This may help them learn when the tenant plans to leave the property well in advance of the notice they will give, and they can then leverage their connections in the industry and different marketing channels which work best within the local market in order to find new renters.
By finding new tenants efficiently, they will ensure that your property never remains vacant for a long period of time.
Can you help set appropriate rents?
Arranging the rent prices for properties is often difficult, especially if there are not many comparable homes in the area.
However, property managers can conduct thorough research in order to maximise your revenue while continuing to ensure that your properties remain occupied and attractive to new tenants.
How do you develop and maintain vendor relationships?
Vendors can provide an outstanding service to those that they know and can provide consistent work. You may not be able to develop these relationships as a property owner, but a property manager has the volume and time to attain favourable rates.
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