Having a qualified and professional property manager to operate your residential and commercial structures is absolutely vital.
There’s a lot that goes into taking care of a rental property, from physically maintaining it, to filling it with renters, and much more. For this reason, you need to ensure that you’re hiring somebody worth their salt.
How do you do so? By asking questions and doing your research. Here are 10 questions to ask when hiring a property manager.
- How Long Have You Been Working in Real Estate?
When hiring a property manager, it’s vital that you understand how long he or she has been working in the field. The longer somebody has been in the field, the better chance that he or she is qualified for the job.
- What is Your Management History?
In addition to finding out how long a respective manager has been working in the field, you must also inquire about the nature of his or her work. Some property managers are experienced in commercial rentals, while others are experienced in residential rentals. Be sure to hire one that’s experienced in what you need.
- Do You Have the Appropriate Insurance?
It’s important for property managers to have a few different insurances. These insurances include general liability insurance, tenant discrimination insurance, and errors and omissions insurance.
- How Many Properties Do You Manage Currently?
A good way to gauge a manager’s quality is by finding out how many properties he or she manages. In most cases, someone who manages above 800 properties will have a higher chance of doing a great job.
- Are You a Member of Any Relevant Organizations?
Not only should you ensure that your potential property manager is registered with the Better Business Bureau, you should also ensure that he or she is registered with the National Association of Residential Property Managers. The more organizations the company is associated with the better.
- May I See a Sample of Your Lease?
Be sure to take a look at your prospective property manager’s lease before hiring. You want to ensure that it meets all legal codes and regulations.
- How Long Does it Take for You to Typically Fill a Rental Vacancy?
Another important question to ask is how long it takes for your potential property manager to typically fill a rental vacancy. Make sure that it’s in close contact with the average vacancy rate of your area.
- How Often Do Your Perform Inspections?
Inspecting rental properties on a regular basis ensures that they don’t fall victim to any costly deterioration. Make sure that your property manager inspects his or her properties often.
- What Do You Charge?
Understand exactly what the prospective manager charges, and what he or she charges for. Make sure to inquire about tacked on fees as well. Many companies have hidden fees in their contract that are not disclosed until they are already managing your property.
- What’s Your Renter Screening Process?
You want to ensure that your property manager is filling vacancies with responsible renters. This is done by performing adequate screening. Make sure that the manager runs thorough background checks on all potential renters. You should ask for a step by step process on how this is done.
Interested in Hiring a Property Manager?
If you’re reading this post, it’s probably because you’re interested in hiring a property manager. Fortunately, you’ve found a reputable one.
Working in the Baltimore and Washington, DC metropolitan areas, we here at Bay Property Management Group specialize in everything from single-family homes, to apartment buildings, and more.
Have questions? Contact us today!