Whether you own a rental property or a commercial property, it can be difficult to handle all aspects of the property management yourself. By hiring a property manager you have someone who can take over the day-to-day operations and care for your properties. This should be done carefully, though, because they are going to be overseeing your assets and you don’t want to lose customers or property value due to your property manager’s negligence. Here are some questions you should ask when interviewing property manager candidates:
How do you plan to deal with maintenance and repair issues? This is important. You need to know how quickly the property manager is capable of getting repairs done. You also need to know if regular inspections are going to occur. As a follow-up question, ask if they have their own repair crew or if they hire outside help.
How do you plan to advertise this property? Prospective tenants need to know your space is available for rent or lease. Your property manager needs to have an effective plan ready to use when they start working for you.
What process do you use to review tenant applications? Your property manager is there to ensure you only have the best possible tenants. As the property owner, you need to know how they plan to conduct tenant interviews and review applications.
What services do you offer, and what are your rates? Property management is about controlling costs where possible. In this case, that means hiring a property manager who offers more than their competitors for less.
What do you consider fair contract termination terms? There is a difference between interviewing someone and having them work for you. If they don’t work out the contract needs to spell out the termination process, and what can trigger it.
Property management is not something everyone can do well. Your commercial or rental property needs to be overseen by professionals with the skills to keep it in prime condition. By hiring a competent property manager, you are taking a necessary step in running a successful property.