A property manager is a professional who helps manage and oversee the day-to-day operations of a property. This includes tasks such as leasing, filling vacancies, maintaining inventory, finding new tenants, and resolving disputes.
A property manager also ensures that the property meets all legal requirements. The average salary for a property manager is $60,000 to $70,000 annually. Many property managers also earn bonuses and commissions based on achieving specific goals.
Property managers are in high demand, especially in major metropolitan areas. This is because property owners often need someone to help them handle the many aspects of running their business.
Well, you’ve decided you’re finally ready to take the plunge and hire a property manager. But before you do, there are a few key questions you need to ask first. Here are the top 10 questions to ask before hiring a property manager.
How long have you been in business?
How long have you been in business? This is an important question to ask because you want to make sure you are working with an experienced and reputable property manager. A company that has been in business for a long time is likely to be more stable and have more resources than a newer company.
How many properties do you manage?
This is an important question to ask because you want to make sure that the property manager you hire is experienced and has the time to devote to your property. A property manager who manages a large portfolio of properties is likely to be more experienced than one who only manages a few.
What services do you provide?
A property manager can provide a wide range of services, from taking care of maintenance and repairs to handling tenants and collecting rent. It’s important to know what services your property manager will be responsible for so that you can make sure all of your needs are being met.
What are your fees?
Most property managers will charge a percentage of the rent collected as their fee. For example, if the monthly rent is $1,000 and the property manager charges 10%, their fee would be $100 per month. Some property managers may also charge a flat fee, regardless of how much rent is collected. Be sure to ask about all fees before you hire a property manager.
Do you have any references I can contact?
When you’re interviewing potential property managers, be sure to ask for references. This will give you the opportunity to speak with other landlords or tenants who have worked with the property manager in the past. Ask about their overall experience, whether they would recommend the property manager, and if there were any problems.
How do you handle repairs and maintenance requests?
When you are looking for a property manager, it is important to find out how they handle repairs and maintenance requests. You want to make sure that the property manager will take care of any repair or maintenance issues in a timely and professional manner.
A good property manager will have a system in place for handling repair and maintenance requests. They should have a network of reliable contractors that they can call on to make any necessary repairs. They should also keep track of all repair and maintenance requests so that they can follow up with tenants to make sure that the issue has been resolved.
It is important to ask about how repairs and maintenance are handled before you hire a property manager. This will help you to ensure that your property is well-maintained and that any repair or maintenance issues are dealt with in a timely and professional manner.
What is your policy on rent collection?
The other question you should ask a potential property manager is what their policy is on rent collection. You want to make sure that the manager you hire will be diligent in collecting rent from your tenants. Make sure to find out how they handle late payments and what their policies are for evicting tenants who don’t pay their rent.
What happens if a tenant doesn’t pay rent?
If a tenant doesn’t pay their rent, the first thing that a property manager will do is try to contact the tenant to find out why. If the tenant is able to provide a good reason for not being able to pay, the property manager may work out a payment plan. However, if the tenant is simply unwilling or unable to pay, the property manager will begin the eviction process.
Are you licensed and insured?
When you are considering hiring a property manager, it is important to ask them some key questions. One of the most important questions to ask is whether or not they are licensed and insured. This will ensure that they are qualified to manage your property and that you will be protected in the event of any accidents or damage.
Do you have any experience?
When you are looking for a property manager, it is important to ask about their experience. You want to make sure they have experience managing properties like yours. Ask them how long they have been in the business and what type of properties they have managed in the past.