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Brooklyn Property Management Blog of ProRealty

Questions to ask a Property Manager Before Hiring

Brooklyn Property Management Blog of ProRealty

 

Property management is a complicated and fast-paced business, so it is important to find the right property manager for you and your rental. Your property manager has an extremely important task to do and that is to take good care of your investment. A potential property manager must be, having a positive attitude, communicative, detail oriented, organized, honest, and passionate about real estate.  The following are questions to ask a property manager before hiring them.

A responsible manager does his job in best manner by finding quality tenants to rent your property and motivating them to stay long-term by taking care of their needs, as well as the property. They face a lot of challenge but ultimately, they work for you. It’s important that they should have your back when it comes to issues with tenants, evictions, and maintenance requests.

Questions to be asked from a potential property manager:

There are a lot of questions to be asked from property managers that will help to determine whether they’re the right fit for you, your property, and your long-term goals.

What services do you offer to clients?

There are many responsibilities to manage a potential property. From finding tenants and dealing with complaints and to initiate evictions. You will hire a property management company that can handle multiple functions.
For instance, they should administer in-depth background checks, conduct inspections, and provide top-notch maintenance.

Tell about your level of experience.

Obviously, you’re looking for a property manager who should have adequate experience. You wouldn’t want a property manager with less or no experience. Preferably, look for someone who is in the business for not less than four years.

What criteria do you use to decide the rent amount?

An experienced property manager will determine the highest possible rent amount for your potential property. There are many factors that should be considered. For example, to check comparable rental listings, local amenities, the property’s amenities, and the property’s value.

How many and what types of properties do you manage?

You have to find your level of “just right.” A minimum of 80 units and a maximum of 600 rental units are ideal.
When there are a large number of real estate units, you can get lost in the shuffle. Alternatively, too few units will tell their inexperience. These are the guidelines we recommend you look out for.

Are you affiliated with any professional organization?

Do they belong to any local real estate association for Realtors or they belong to the National Association of Residential Property Managers? Affiliation with any of these professional real estate organizations points to a professionally run property management company.

How many staff members do you have?

Too few staff members means there’s a high likelihood of poor service. Similarly, too many means you can get lost in their sea of clients. The size of the company gives you an idea of what to expect.

What type of insurance have you availed?

Property managers need to have some type of insurance coverage. In North Carolina, property managers demand for a real estate license. Check, what your state requires and only interview potential property managers who bear such certifications.

Is there any fee for pulling out of the contract?

Some contracts cannot be escaped. You should first understand the terms before you sign on the dotted line. Some companies will be flexible while others will try to hold you captive with a contract.

Is your company privately owned or it is part of a franchise?

Most franchises are less flexible and have concerns as compared to the companies that are privately owned. Additionally, they’re less concerned about service and more concerned about their bottom line.
For example, think about the quality difference between McDonalds and your local burger joint, do you see the difference?

Can you give a few references?

Past performance most of the time is the best indicator of future performance. A potential property manager will have a good number of references. You can also ask to see those for your exact type of property.
In addition, you can also check their online reviews and look for any red flags.

What do you know about, Federal Fair Housing Rules?

The Federal Fair Housing Rules help to protect a tenant from landlord’s discrimination. For instance, a landlord cannot discriminate against a renter based on the colour of their skin, their national origin, sex, status, disability etc.
If the property manager finds difficulty in explaining these rules, look elsewhere.

What kind of properties do you manage?

You want a property manager who can manage your type of property. Each kind of property requires a specific set of skills. Managing a commercial rental property has different requirements as compared to manage a single-family home. Don’t risk it and make sure the company has experience managing your type of property.

Is there any requirement of maintenance reserve?

Property management companies want the owner to come up with a budget for maintenance and repairs. Usually, older properties require higher maintenance reserves than newer ones.

 

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