The property manager you hire may make or break the success of your business. He or she can positively or negatively influence occupancy rates, queries about postings and overall perception of your properties.
Froerer Real Estate, experts on property management from Utah cite the following questions you need to ask a manager before you hire them.
How Many Properties Do You Manage?
This is an important question to ask as this shows you their experience, skills and their ability to manage certain types of real estate. The answer to this will also reveal if the company is taking on too much work. The manager may not be able to focus on handling the job you give to them. This may cause a drop in occupancy rates, squabbles with tenants or a reduction in queries about open spaces.
What’s Your Experience in the Industry?
You would want to give a chance to even new companies; however, you should also ask about their experience in real estate. If they have been in the business for years, you can take the risk. Ideally, you’d want a manager that has managed rental properties before. They’ll know how to respond to problems faced by your tenants, how to market your vacant spaces and they have a network of contractors and other experts to improve your rental business.
What Services Do You Offer?
Ideally, the property manager you hire (and those on your shortlist) must have experience in:
– Marketing and advertising
– Property management
– Real estate maintenance
– Conducting background checks and inspections
Ask your potential manager about these services and if they do offer them. You’ll want a company who can do multiple things for you.
How Do You Set the Amount for Rent?
Experienced managers can complete an analysis of listings in your neighborhood and produce a competitive rent for prospective occupants. They will be able to keep your business profitable, tenants satisfied and cover for expenses such as maintenance and repairs.
These are some of the questions you need to ask before hiring a property manager. Include these in your interview to get the best possible person for the job.