A property manager’s main function is to relieve the property owner of the stress that comes with managing their property and tenants. If you own a few homes but are ready to retire, are starting another business venture, or simply don’t have the time or enthusiasm to keep running a rental business as a private landlord, a property manager is someone that can help you achieve your dreams while still making a profit. This person needs to be qualified and trustworthy obviously, so while you are interviewing potential property managers, make sure to ask these questions as a good base for determination.
- How have you been able to adapt to new and changing business trends?If your interviewee has been in the property management business more than a few years, they have seen several shifts in the industry and understand there will be more in the future. Getting a grasp on their ability to change and adapt while effectively manage your property is key.
- What Services Do You Offer? There are many different services that property managers offer, and many will custom tailor their offerings to fit your needs.
- What are Your Marketing Strategies? If your property manager is going to be managing multiple homes or a multi-family property, you need to know how they plan to handle and fill vacancies and what strategies they have for resident retention. You also need to know if these marketing services are an extra charge or if you can establish a marketing budget that the property manager then utilizes.
- What About Your Team?Are you hiring a single property manager or a property management company to manage your investment? If you are hiring a company, you need to know what the qualifications of their team members are and how they go about their own hiring and training.
- Contract specifics are another conversation you should have at the time of the interview with a potential property manager. You need to know how and when you can break contracts and what your duties as the property owner will be. You should make sure that every detail of the arrangement, including updates and financial data is transparent.
Owning a property and taking a hands-off approach to renters can be difficult to navigate, but with a qualified property manager, such as Scott Properties, you can trust you are in qualified hands.