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How to Choose the Right Property Manager

Choose your property management

As an investment property owner, Managing your rental property is hard enough as it is, you need to earn the maximum most return on your rental property. This means choosing an experience knowledgeable property manager is a valuable asset, to take over the day-to-day management of your investment.

Real Estate Agent Interview questions checklist to ask real estate property managers when interviewing. Take notes of your agent's answers.

  1. Does your agency have a dedicated property management department?
  2. Do you have a system that daily checks rental arrears and takes the appropriate action immediately?
  3. How do you collect rent each month? Do they allow tenants to use direct deposit? Is there a set day each month?
  4. How do you respond to emergencies request for maintenance or repairs? What’s procedures are in place?
  5. What budget do I need to set aside for emergencies?
  6. Who will be managing my property day to day and do you have an assistant involved?
  7. Do you have staff available to show my property to prospective tenants 6 days a week?
  8. When and how will I receive my money? Ask for a specific day of the month.
  9. How many other properties in do you manage?
  10. How do you advertise for tenants?
  11. How do you screen tenants? Do you use TICA data system to do background checks on prospective tenant’s financial stability or rental history and their employment?
  12. How long does it take you to fill a vacant rental property?
  13. What is the average length of tenancy?
  14. How do you determine the rental value of my property? Can you give me examples.
  15. What improvements do they think could be made to get the best return on my property?
  16. Do you perform property inspections? How often will they be done?
  17. Ask your property manager how they plan to communicate with you?
  18. Will I receive a monthly income and expense reports?
  19. How often will financial statements be provided?
  20. What are your management fees, how is it structure, can I have a written quote, are there any hidden cost, such as advertisement, statements fees.
  21. What is, and isn’t, included in your management services?
  22. Do you understand the Laws and Regulations for property management and dealing with tenant’s dispute? If a dispute does go to court, agent need to have experience and knowledge to win the case.

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