Your investment property is likely the largest investment in your portfolio. It’s one that requires diligence and time, as well as great communication when dealing with the tenants. You may have noticed that your rental is taking up more time than what you have, or would like to spend on it, but it’s a valuable asset you don’t want to rid of especially in the middle of a pandemic. If you’re looking for a property manager to take over the leasing and management of the property, here are three questions you should ask when you’re interviewing them:
1.How many properties do you currently manage?
There’s no right or wrong answer to this question, but it will give you an idea of their capacity to handle your property. If they have a fairly large number, follow up by asking about their processes to keep all the properties taken care of.
They should act like a well-oiled machine and know how they manage their properties, either with technology or some other system. You want to make sure your property won’t be forgotten, knowing how they manage their portfolio is a great way to learn more about their efficiency.
2.How many years have you been a property manager? Including managing your own properties?
A property manager who has multiple years of experience is an asset to your investment. That doesn’t mean you should rule out a new agent.
If they are new to the industry, follow up with questions about their experience, and their support system as they learn the business. They should have a designated broker or managing broker who is well versed and willing to mentor them as they learn the ropes.
3.How often can I expect to hear from you regarding my property?
The answer to this depends on how often you’d like to hear about your property. If you’re hoping to be more hands off, you might expect a call every 6-8 months as well as whenever the tenants turn over. If you’d like to be more involved, you might want to hear from them more often. Have an idea in your head what the ideal communication would be for you and see if the property manager agrees with you. If they have another schedule, ask them what to expect when they communicate with you and what each touch base might cover.