Did you know that almost 50% of landlords choose to manage their own property?
While it may seem that all landlords own the properties they oversee, this isn't the case. Only 45% of landlords self-manage their properties. In contrast, 44% prefer to delegate this task to others. Intriguingly, 11% of landlords don't own the properties they manage, further highlighting the diverse roles within the property management industry.
So, when is it the right choice to go with a property manager?
But how do you ensure that you're hiring the right individual or team for the job? Here are four critical questions to ask before hiring a rental property manager.
1. How Much Experience Do You Have in Property Management?
It's essential to delve into a potential property manager's background and experience. Not all property manager experience is created equal. For instance, a property manager who primarily deals with commercial properties may not have the expertise necessary to efficiently manage residential rental properties, and vice versa.
During the property management interview:
- ask about their years of experience
- the types of properties they've managed
- and how they handle unique challenges
The answers to these questions will give you the insight that you need into their skills, knowledge, and adaptability.
2. What Services Do You Offer?
Understanding the scope of services a property management company offers is crucial. Will they be responsible for marketing your property, tenant screening, maintenance, and repairs? Or do their services only cover rent collection? Every property management employment role is different, so be sure to understand what you're getting.
The ideal property management company would offer a comprehensive suite of services. This range of services should take the burden off your shoulders and ensures the smooth operation of your rental property.
3. How Do You Handle Legal Issues and Compliance?
Tenant-landlord laws can be complex and vary from location to location. An adept property manager will not only be familiar with these laws but will also have systems in place to ensure compliance.
During the interview, ask potential property managers:
- about their strategies for adhering to local regulations
- handling evictions
- and dealing with potential legal issues
Their responses will allow them to demonstrate knowledge and a proactive outlook and approach to staying legal and keeping your risks low.
4. How Will You Communicate With Me?
Effective communication is key to every, single successful partnership. Determine your prospective property manager's communication style. Will they provide you with regular updates about your property and its occupants?
What's their response time in case of emergencies? Ensuring open and responsive communication is crucial for peace of mind and efficient management of your property.
Making The Right Choice Among Property Managers
The process of hiring property managers may seem overwhelming, but the effort is often well worth the reward. These four key questions will help ensure you're selecting a skilled property management company.
Their experience, services, understanding of legal compliance, and commitment to communication are vital. It can elevate your rental property investment and create a less stressful landlord experience. Remember, your property manager is an extension of your investment! Their proficiency directly impacts your property's success.
If you've enjoyed this article and you're looking for more tips for staying organized with your property, then read this article!
