When it comes to relatively safe investments, most people realize that owning rental property is a great way to profit from a vital service. Unlike other investments, owning rental property gives you access to a steady stream of income from rent payments, tenant fees, and other services. Moreover, you can hire rental property management companies to help with everything from daily maintenance and repairs to taxes. But before you hire rental property managers to help with your investment, it is important to make sure that they have the skills and experience necessary to help your property thrive. For that reason, make sure to ask prospective property managers the questions below before you make a decision.
Questions to Ask a Potential Property Manager or Rental Property Management Company
- How long have you worked in the property management field?
- What types of properties have you worked with in the past?
- How many properties are you currently managing?
- Do you have a real estate broker’s license or property management license? Do you have any related certifications?
- How familiar are you with local and state requirements for landlords and tenants?
- How long does it take you on average to fill a vacancy?
- What is the average length of residency for your tenants?
- How many tenants have you evicted in the past year?
- How do you collect rent every month?
Considering Responses
When you’re interviewing property managers or rental property management companies, determining which answers are satisfactory will require some consideration. Take the last several questions from the list above, for example: a good property manager should be able to find a new tenant for your property within a month, they should have plenty of long-term residents, and they should have a low number of evictions, as a high rate likely means they aren’t screening tenants well. With every question, make sure to think about what their answer means for your property, your tenants and your investment, and choose a rental property manager accordingly.
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