Owning rental properties can be stressful–especially if you have several of them. That’s why many busy rental owners hire property managers or management companies to help them accomplish daily, monthly, and annual tasks related to owning properties. However, you don’t want to hire just anyone. Today, we’ll review 10 questions to ask before hiring a property manager so you can find the best fit for your investment properties.
Contents of This Article:
- What Does a Property Manager Do?
- When Do You Need a Property Manager?
- 10 Questions to Ask When Hiring a Property Manager
- How to Find the Right Team to Work With
What Does a Property Manager Do?
Northern Virginia property managers do several tasks to help rental owners. Whether it’s day-to-day tasks like communicating with tenants and collecting payments or periodic tasks like inspections or maintenance, property managers take away the stress of owning properties. If you’re considering hiring a property manager, here are some tasks you can expect them to do.
- Rental Marketing
- Tenant Screening and Management
- Lease Drafting and Signing
- Rent Collection
- Property Maintenance and Repairs
- Rental Inspections
- Legal Compliance
- Financial Management
- Eviction Services
Every property management company is a little different, so if you’re looking for help, ask different companies what they can offer you.
When Do You Need a Property Manager?
Not every rental property owner needs a property manager or management company. However, there are certain scenarios where they’re necessary or at least extremely helpful. Here’s when you may consider hiring a property manager.
- You Have Multiple Rental Properties- Managing multiple rental properties can be overwhelming. Hiring a property manager can help streamline tenant relations, maintenance, rent collection, and more across all properties.
- You Live Far From Your Properties- If you own rental properties in a different city or state, hiring a property manager can help ensure daily tasks are handled efficiently.
- You’re Not Interested in Management- Buying rental properties is a huge investment. However, you may not be interested in managing them. Property managers are there to take care of daily operations, allowing you to enjoy the income without the work.
- Your Time Is Limited- If you have another full-time job, you may not have the time or energy to also manage properties. Hiring a property manager can help free up your schedule and make more time for yourself.
- You’re Not Familiar With Landlord-Tenant Laws- Navigating rental laws, lease agreements, and eviction procedures can be challenging. However, a property manager who’s well-versed in these areas can ensure compliance with local, state, and federal regulations.
10 Questions to Ask When Hiring a Property Manager
Hiring a property manager can be a great decision–if you find the right one. It’s important to research several different companies and ask questions to different managers or companies to find the right fit for your rental business. That said, here are 10 questions you’ll want to ask before hiring a property manager.
- How Long Have You Been Working in the Industry?
- What Management Services Do You Offer?
- How Do You Handle Tenant Screening?
- How Many Rental Properties Do You Manage?
- What Are Your Fees?
- How Do You Handle Rent Collection and Late Fees?
- What’s Your Eviction Rate?
- How Long Does It Take to Fill a Vacancy?
- How Do You Handle Tenant Disputes or Lease Violations?
- Can You Provide References From Current or Previous Clients?
How Long Have You Been Working in the Industry?
Finding an established property manager or management company is important–and the more experienced, the better. That said, you’ll want to find someone with experience effectively handling tenant issues, maintenance, and legal concerns.
What Management Services Do You Offer?
You’ll want to ask what types of services the property manager or management company offers to see if they align with your needs as a rental owner. Most companies or individuals handle leasing, maintenance, rent collection, legal compliance, and more.
How Do You Handle Tenant Screening?
It’s important to hire someone who offers a thorough tenant screening process. Make sure they complete background checks and credit reports and verify each tenant’s rental history to prevent any potential issues. After all, you wouldn’t want to rent to just anyone.
How Many Rental Properties Do You Manage?
Knowing how many rental properties they already manage or have the capacity to manage can help you determine whether or not they’re a good fit. For instance, if they already manage too many properties, they may not have time to provide personalized services for each rental. On the other hand, if they’ve never handled that many properties, they may lack experience.
What Are Your Fees?
Keeping your budget in mind is also crucial while hiring a property manager. You’ll want to ask about their pricing structure and understand their monthly management fees, leasing fees, potential maintenance charges, and any hidden costs.
How Do You Handle Rent Collection and Late Fees?
You’ll want to ensure you get your rental income on time each month. So, ask about their rent collection process. They should have a clear, consistent process, including online payment options and enforcement of late fees if a tenant doesn’t pay by a certain date.
What’s Your Eviction Rate?
You don’t want to work with a manager or management company with a high eviction rate, as this could indicate poor tenant screening processes. Plus, evictions can be costly and very time-consuming. Look for someone with a low eviction rate and a good tenant screening process.
How Long Does It Take to Fill a Vacancy?
The last thing you want is a bunch of vacant properties that take forever to occupy. That said, it’s important to work with someone who can fill vacancies quickly and efficiently with tenants who pay rent on time. This starts with an effective marketing strategy, so ask about their process.
How Do You Handle Tenant Disputes or Lease Violations?
It’s important to work with an individual or company with strong conflict resolution skills. Before hiring someone, ask about their approach to enforcing lease terms and what they do when a tenant violates a lease agreement. You’ll want someone who’s going to be firm yet fair.
Can You Provide References From Current or Previous Clients?
Finally, getting another opinion can help you learn more about a property manager or management company. Speaking with other clients can give you insight into their reliability, responsiveness, and overall service quality.
How to Find the Right Team to Work With
If you’re considering hiring a property manager or management company, finding the right one for your rental business is important. There are several questions you’ll want to ask during the interview process, and make sure to look at reviews and references from other clients before deciding on one to work with.
Want comprehensive property management for your Northern Virginia properties? Look no further than Professional Property Management in Northern Virginia. Our team of rental management experts can help ensure your tenants and properties are cared for 24/7. Contact PPM to learn more about our services and how we can help your rental business today!