In this issue, we're focussing on the crucial questions you should ask a Property Manager when considering whom to entrust with your investment property. Making the right choice in property management can significantly impact the success and profitability of your real estate investment.
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What experience do you have in Property Management? Determine how long the property manager has been in business and their track record of success.
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How many properties does each property manager manage? This question helps gauge the workload of the property manager, and their capacity to effectively manage your investment.
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How do you handle tenant screening and selection? Tenant selection is critical for property profitability and maintenance. Ask about their screen process, including background checks, credit history and rental references. Ask about how they showcase the property for let & their procedure.
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How do you handle maintenance & repairs? Ensuring that there is a clear protocol for handling maintenance requests and repairs promptly. Ask about their network of contractors and how they handle emergencies.
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What's your fee structure? Understand the management fees & any additional charges. Ask about what services are included within their fee structure and if there are any additional costs for paying the properties outgoings on your behalf.
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How do you handle rent collection & financial reporting? Efficient rent collection is vital for steady cash flow. Enquire about their process for collecting rent and how they handle late payments. Additionally, ask about the frequency and format of financial reports.
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What is your approach to handling tenant issues & evictions? Understanding their approval to resolve tenant conflicts and the steps taken in the eviction process if necessary. Ensuring they adhere to legal requirements and maintain professionalism.
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Can you provide references from current clients? Request references from current clients to gain insights into their satisfaction levels and the property manager's performance. Happy clients are a strong indicator of reliable services.
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Do you have an online portal? Having instant access to our documents & information on your property and tenancy is extremely useful.
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Are any tasks outsourced by your Agency? Some Agencies outsource aspects of property management such as inspections, viewings, maintenance etc.
Are there any other questions that you would ask a potential property management agency / property manager?