- Aug. 9, 2021
-- Per Steve Neville, Broker owner of Best Brevard Rentals.
If the answers are sound and acceptable, this is usually a good fit. However, if even one is unsatisfactory, that's a red flag to heed. So, read on to learn the four most essential questions you should ask a potential property manager.
It's very important to ask any new property manager four essential questions. Of course, there are a few more, but these are by far, the utmost importance because they will separate the good from the bad. Here are the four most important questions you should ask when hiring a property manager to handle your real estate assets:
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- 1. What types of properties have you managed? Obviously, you would greatly prefer someone or a team that's managed the same types of properties before. But also, has at least some -- if not extensive -- experience with other property types. For instance, if you're renting a multifamily property, he or she or the team should definitely have experience handling that same property type. Plus, a bit of experience in single-family houses and perhaps, commercial properties, as well.
- How do you screen potential tenants? Perhaps the biggest mistake most owners make is renting to tenants who haven't been properly screened. Of course, this leads to problematic situations, including paying late chronically or falling way behind. The individual or team should have a reliable and proven screening process in place. If not, this probably isn't the right fit for your real estate needs.
- How do you handle late-paying tenants? Anyone who hasn't dealt with this situation probably hasn't been in the industry for a long time. Even the most well-screened tenants can be late on paying their rent and for a number of reasons. (For example, an unexpected surprise, like a global pandemic that shuts down the economy.)
- How do you take care of tenant complaints? Here again, if he or she or the team doesn't have a lot of experience in handling tenant complaints, that should make you uneasy. It should also serve as a warning. The individual or team should have a proven method or set of strategies for dealing with renter complaints.