Questions to Help You Find Your Perfect Property Manager

One of the biggest issues for landlords we’ve found is property managers not keeping up to date with routine inspections.

Take a look through the questions below for some tips on interviewing your next property manager (should the need ever arise).

  • Where/how do they intend to market your property? Do they use the largest property portals?
  • How will they determine what your rent should be?
  • What training and support do they have? How long have they been managing properties?
  • How do they screen prospective tenants?
  • Get them to show you an example of one of their latest condition reports. A report should be detailed with plenty of photos to back it up.
  • What is their procedure for following up on any late rental payment?
  • How is rent paid into the office?
  • How often are internal inspections conducted?
  • Do they conduct “drive-by” inspections? The external state of the property may be a good indication of the inside.
  • How often are rent reviews conducted?
  • What is the state of the properties currently under their management? A rental portfolio saturated with poor condition properties may indicate an agent who isn’t keen on/able to look at a property and make recommendations to maximise the return on your investment.
  • What are their arrears like? Get them to show you or at least tell you what percentage of their tenants are in arrears as compared to the percentage that are up to date with their rent. You want an agent who is proactive with keeping rent payments up to date.
  • How often do they account to their landlords? Do they do statement runs once per month or more frequently? The money is better off in your account than in their trust account.
  • How do they pay you? Cheque? Deposit? EFT?
  • How many properties will your appointed property manager be managing alongside yours? Will they be able to handle the workload? Industry standard seems to be about 150 depending on the amount of support within the office. There are some property managers with far more than this to manage but the ones that are able to do this on their own and do it at a level that you would be happy with are very few and far between.
  • How do they handle maintenance issues?
  • You might ask for references from other owners.
  • You might ask to see their office manual for property management (so that you know if they’re away, someone is able to take over with clear guidelines)
  • Ask them about insurance – what do they carry, and what should you carry?
  • What are their fees? Leasing fees, management fees and any other fees that may be charged (such as termination fees)
  • You need to look for a sense of mission and inherent values in the answers to your questions, not just a response to a set of tasks
  • Security – how does the company protect client information, data, documents and keys? Are documents shredded or thrown away?
  • What is the company doing to nurture staff for improvement and longevity of service?
  • Does the owner of the company take an active role in the rental division?
  • Will they go to court for you if such a situation eventuated?
  • What is the length of the average tenancy? (This will give you an idea if they’re attracting ‘golden tenants’ who are happy to stay longer.)

 

Market News Project Marketing Property News
Related Posts
Questions to Help You Find Your Perfect Property Manager