Hiring a property manager can be a game-changer for landlords and property owners. It can alleviate the stress of day-to-day management, help maintain property values, and free up your time. However, the decision to entrust your property to a property manager often comes with questions that you might be hesitant to ask. In this blog post, we will address those questions head-on to help you make an informed decision when selecting a property manager.
What Are Your Fees and Costs?
One of the most important questions, yet one of the most uncomfortable, is about fees and costs. Property management fees can vary, and it’s essential to understand the fee structure upfront. Ask about management fees, leasing fees, and any additional charges for services like maintenance or inspections.
How Do You Handle Maintenance and Repairs?
Maintenance and repairs are inevitable in property management. Ask about the property manager’s process for handling maintenance requests, obtaining quotes, and executing repairs. Clarify how they prioritize maintenance issues and whether they use trusted vendors.
Can I Review the Management Agreement?
Always review the management agreement carefully before signing. If you have questions or concerns about any clauses, don’t hesitate to ask for clarification or adjustments. Understanding the terms of the agreement is vital to a successful landlord-property manager relationship.
What Services Are Included?
Be sure to include crucial information about the services included in the property management package. This helps you understand what you can expect from your property manager. Inquire about tenant screening, rent collection, lease enforcement, and property inspections.
How Do You Handle Evictions?
This question can be uncomfortable, but it’s essential to know how a property manager handles tenant evictions. Discuss their eviction process, timelines, and any associated costs. Understanding their approach to resolving challenging tenant situations is crucial.
How Do You Market and Fill Vacancies?
Ask about their strategy for marketing vacant properties and attracting qualified tenants. Inquire about their use of online listings, advertising, and tenant screening procedures. Understanding their approach to finding and retaining tenants can impact your property’s vacancy rate.
What Is Your Tenant Screening Process?
Tenant selection is a critical aspect of property management. Inquire about their tenant screening process, including credit checks, background checks, and rental history verification. Understanding their criteria can help ensure reliable tenants.
How Do You Handle Security Deposits?
Security deposits are essential for protecting your property. Ask how the property manager handles security deposits, including the collection, storage, and return process. Make sure it aligns with local laws and regulations.
Are There Any Conflicts of Interest?
Inquire about any potential conflicts of interest that might arise, such as if the property manager also works as a real estate agent or has ownership interests in rental properties. Transparency is key in managing potential conflicts.
How Do You Handle Tenant Complaints and Disputes?
Understanding how the property manager handles tenant complaints and disputes is crucial. Ask about their communication and resolution process for tenant issues, ensuring that they are responsive and fair.
Don’t let fear or hesitation prevent you from asking these essential questions when considering a property manager for your investment properties. A reputable and experienced property manager will welcome your inquiries and provide transparent answers.
At Westrom Group, we understand that selecting the right property manager is a crucial decision. We encourage you to ask us any questions you may have, no matter how uncomfortable they may seem. Our experienced team is here to provide you with the information and peace of mind you need to entrust your investment properties to us confidently.
Contact us today to discuss your property management needs, get answers to your questions, and learn more about how we can help you achieve success in your real estate investments. Your property’s well-being and your peace of mind are our top priorities—reach out to us now!