Bermont Realty (1983) Ltd.

7 Questions to Ask a Property Manager Before You Hire


Hiring a property manager is a great step to take when owning rental property. Property managers take a lot of the weight off the shoulders of the owner when it comes to maintaining the property, dealing with tenants, and much more. It's even more beneficial to hire a property manager when your rental property is in a different state than you.

When this happens, it makes it more difficult to manage your property since you can't be there in person to see everything through. However, you need to take your time and ensure that you're hiring someone who you can trust with your property and your income.


The best way to give yourself peace of mind when leaving your property in someone else's care is to know the right questions to ask a property manager during the hiring process. Below is a list of several different questions that you'll want to ask before deciding which property manager to hire.

Continue reading to learn more!

1. Do You Have Experience with All Tenants?

As a property owner, you need your property manager to handle all tenant questions and concerns. If you own multiple properties, the amount of time you would need to spend answering all tenants' questions would consume your entire week. You'd rather be focusing your time and energy on other things.

That's why it's important to ask your potential property manager about the experience he or she has dealing with all types of tenant interactions. You want to hire someone who can handle all of these things for you and only bring to you the questions or concerns that require your attention. 

2. How Will You Help Keep My Unit Occupied?

Keeping your unit or units occupied at all times is essential for a property owner to keep constant cash flow. Without a tenant to occupy a unit, there's no money to be made. Because of this, be sure to ask how the property manager will help you keep all of your units occupied. 

A good property manager understands how the market works and will get to know all of your tenants. A property manager who gets to know tenants is essential. This helps keep everyone on the same page. 

For example, if your property manager knows that your tenants are planning on moving out, he or she can begin to find a new tenant before the current one leaves.

3. How Will You Help Me Improve Cash Flow?

The entire purpose of having a rental unit is to rent it out and make some kind of profit out of it. Ask your potential property manager how he or she will help you improve your cash flow. Ideally, you would bring in tenants and they would pay their rent on time each month and there would be no problems with the property.

However, this isn't always the case. You need a property manager who's going to ensure the rent is paid on time each month and will take appropriate actions when it's not. Your property manager should also help you with finding the best prices on service providers for repairs and maintenance around the unit. 

Find someone who's going to help manage your expenses and create the cash flow you need. 

4. Do You Have Established Relationships? 

Property managers sometimes have established relationships with companies, which can help you get discounted prices. This might not always be the case, but it's worth a shot to ask your potential property manager about the types of connections or established relationships that they have.

These relationships could be with electricians, landscapers, plumbers, and other types of services. These companies are more willing to provide the best of their services to people they have relationships with. You might not have the time to build these connections, but a property manager does. 

In return, this could help you save dramatically. 

5. How Are Tenants Screened Before Renting?

Your rental unit is your investment. The only way to keep it that way is to ensure your renters are honest and overall good tenants. To be sure of this, ask your potential property manager how he or she will screen tenants before allowing them to rent the unit. 

Some screening processes might include speaking to past landlords, looking up job history, and running background checks. You want to know what all will be done to determine which renters are selected and which ones aren't. Make sure that the property manager you choose has a plan of action for how he or she will screen the tenants. 

6. Do You Have References for Me to Review?

Prior to hiring a property manager, ask him or her for a list of references. A good property manager won't have any trouble offering you a list of references that might include past clients, contractors, real estate agents, and more. When speaking to these references, be sure to ask them about any good aspects and bad aspects of working with the property manager. 

7. Do You Have the Proper Licenses? 

One of the most important things to ask your potential property manager is if he or she has the proper license. Depending on what state your unit is located in, there might be different licenses required for property managers to have. 

There are also trade organizations that provide property managers with certifications. Ask your potential property manager about what types of licenses or certificates he or she has. 

Know What Questions to Ask a Property Manager Before Making the Hire! 

Don't hire your next property manager blindly. Know these questions to ask a property manager before working with them. Doing so ensures the best rental experience possible. 

Ready to get started? Contact us today to see how we can help you!

Comments:
No comments

Post Your Comment:

Copyright 2020 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.