Five questions to ask your potential property manager
Just like any of the big decisions in life, finding the right property manager to look after your investment requires a bit of research.
Not all property managers are created equal and some have different approaches to others when it comes to managing a major financial asset.
With that in mind, here are five questions every rental owner should ask their potential property manager…
How are you different?
No matter the location, the technical job description of property manager is pretty similar. They are there to select the right rental occupier, ensure the rights and responsibilities of owners and occupiers are met during a rental period, and look after the maintenance of the property.
That said, the way property managers do this can differ from company to company and individual to individual.
When you ask the question, ‘how are you different?’ you are looking to understand exactly how they intend to protect your property and your financial wellbeing as the property owner.
The answer should highlight how they intend to communicate with you, their company ethos and a whole lot more.
As this is a working relationship, this question will determine if a particular property manager is the right fit for you.
What are your fees?
Owning a rental property is a bit like running a business, with income and expenses that you need to account for.
- It’s critical to be clear on these expenses from the outset, so you know:
- The monthly fees charged for managing the property
- Any advertising fees involved
- If there are additional maintenance management fees
- Re-letting fees that cover new rental agreements, and inspections
- Any other costs
As a word to the wise, it might be tempting to go with what appears to be the cheapest option. But don’t forget property management is a professional service and selecting the right individual or agency should come down to the value this service provides.
How do you handle rental arrears?
Unpaid rent is one of the biggest concerns for any rental occupier, so it pays to ask the question, how do you handle rental arrears?
The property manager should then outline their procedure for addressing the problem.
As a further question, you could also ask what percentage of rental occupiers are currently in arrears at their agency.
This helps illustrate whether the property management department deals with the problem effectively.
How do you screen prospective rental occupiers?
Ensuring rent will be paid on time and the property is looked after properly is also about selecting the right rental occupier to reside in the property.
And this comes down to screening during the rental application process. Ask the property manager how they screen prospective rental occupiers, including exactly what checks they do.
When and how will I hear from you?
One of the biggest frustrations that many rental owners note is that they are only contacted by a property manager when something goes wrong.
Ask the property manager when and how you will hear from them to determine how open and transparent the communication will be.
This question also offers an insight into the ethos of the property manager and the agency, including just how much they value you and your property.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you are looking to rent a property, you can view the properties we currently have available here.