Strategic independent owners know that owning rental property is a business. Are you treating your rental home like a business? Do you know what to ask your future Property Manager?
Managing property can be great for some, but for others it can be very time consuming. Especially if you are doing it right. So, when the time comes to consider turning your property over, it is important to ask the right questions.
Often, price is the first question asked, but truthfully it should probably be the last.
Consider asking the Property Manager these:
- How do you structure your business? Ie. Portfolios of property or departments. Both have pros and cons.
- What is the number of properties you manage in my zip code? The more they manage nearby, the more often eyes are on your property.
- What kind of response time can I and my residents expect in normal day to day and emergency situations?
- What constitutes an emergency?
- What are your qualifications for a resident? And why?
- How many evictions per year do you average? Although none have been allowed for almost two years.
- What does your company do for the industry and the community? It should matter to you. Are they in it for money or are they invested in your neighborhood.
- Do any employees have Real Estate License, designations, or industry relevant education? Always hire a learning organization.
- What is your management fee?
Determining what is most important to you and finding a company that meets that need is the first step to a successful management plan.
For example:
- Do you care that your management team is offering continued education for their employees?
- Is it just about the price?
- Will office proximity be important to you?
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