3. The financial management of your residential investment is an important aspect in your rental income so you need to ensure that the company has well trained staff in accounting principles so the financial side of your property is handled with complete accuracy and integrity.
4. Meet the property manager in person if possible, or at least over the phone, (you can even meet them through Skype). You want to determine if the property manager has good customer service skills that will meet your expectations and has plenty of time for you, If you feel rushed by them maybe they are too busy to take on your property. How many properties do they manage? Too many can mean there is little time in the day for all the clients and this is when property managers stop being efficient and start cutting corners. A part time property manager should manage up to 50 properties and a full time property manager around 100 properties. Some property managers may manage more and have an assistant to help them with paperwork but they should still be letting properties themselves, checking on rental payments and carrying out inspections.
5. When you are interviewing your property manager don’t be afraid to ask for previous management experience and references from owners of other properties they manage. This company will be in charge of your entire property investment, and you want to make sure they are equipped to handle the responsibility well. Questions to ask your Property Manager at their Interview (Remember it is an interview, they want to work for you and you will be paying them.
How long have you been a Property Manager?
How many properties do you manage?
How long will it take you to find me tenants?
What do you do if the tenants don’t pay their rent?
How often do you inspect properties?
Do I get a written report?
What do you do if the tenants aren’t looking after my property?
When do you pay me the rent?
Once you have interviewed 1 or 2 property managers, you will need to choose one, don’t give your property to several managers and tell them the one that gets the tenant’s first gets the management. They will just pick the first tenants that walk through the door and convince you to take them just to get the management. This is not what you want, you want your property manager to choose your tenants carefully, so that the rent is paid on time and your property is looked after. You might get your property rented 1 week quicker but if the tenant’s don’t pay their rent or trash the property it will cost you more in the long run.