I thought I could manage our home being 2000 miles away, I did not need a property manager. Wow! What I learned in the past 2 ½ years has changed my mind. I would 100% recommend a property manager if you own a home and rent it. So the Question is why should I hire a property manager?
- Owning and renting properties can be rather stressful as it was to me. The constant watching over and answering tenants needs, the worrying about and dealing with bad tenants, and overall care for the property.
- Benefit of Property Management The main benefit of property management to owners of houses for rent and other real estate properties is the preservation of their properties.
- The Role of a Property Manager Property management is a process that aims to safeguard the interests of both landlords and tenants by fulfilling the basic responsibilities:
- Screening Tenant Applications The screening process includes a complete credit check, search for prior eviction, tenant history, employment verification and bad check search.
- Collecting Rents One of the primary duties of a property manager involves the timely collection of rents and bookkeeping services like payment of bills and mortgage payments if requested.
- Taking care of the regular maintenance and repairs of the property Once you accept paying tenants, you are expected to resolve maintenance issues promptly. There are building repairs that must be addressed immediately like carpentry, roofing, painting, electrical and plumbing works.
- Acting as liaison between owner and tenant, you need a property manager to represent you in resolving issues with your tenants.
- Providing security to the property The property manager is also responsible in securing the premises of the property from thefts, fires, illegal intrusions and other man-made hazards that can endanger the property whether occupied or vacant.
Now you ask, I need one how do I begin to find a Property Manager I can trust?
A property manager can play a vital role in the rental process of an investment property. The property manager will seek to maximize weekly rental income and source high quality tenants who will best take care of your asset. It is therefore, crucial to choose wisely when deciding who should represent you and your property. To ensure that you appoint the most suitable agent to manage your property it is important to do your research and meet with a few agencies before making a final decision.
Below are some of the key questions I feel are important for you to ask before you make that final decision. A good property management company will not mind the questions.
Questions to ask when interviewing a property manager: My top ten
1. Does your agency have a dedicated property management department?
Some agencies will view the task of property management as less important than selling and will therefore leave this task up to the front desk staff or receptionists. Discover if the agency is experienced in the area of property management and has dedicated staff to effectively manage your property.
2. Is a director/owner of the agency overseeing the property management department?
How focused is the agency on property management? The more important property management is to an agency, the more successful they may be at effectively managing your property.
3. How many years of experience do you have in property management?
Experienced property managers will be able to attract the best tenants to look after your property and deal with those that become difficult.
4. Can you provide me with a written current comparison of rental values in the market?
An experienced and knowledgeable agent will be able to benchmark comparable rental properties on the market and advise you of the optimal rental return you should receive from your property.
5. What is your process for reviewing potential tenants?
How do they determine whether the tenant is suitable for a property? Do they conduct police checks, or checks regarding their past rental history, current employment, etc?
6. How many properties are you managing at the moment?
Are they representing many other people, hence being reputable and successful? Bigger however is not always better, it is also important to establish if you will be a priority and get the service and attention required during the property management process.
7. Will you go to court to represent me if needed?
In the case that you experience difficult tenants, you may need to go to court to resolve certain issues about the bond or other matters. The property manager you decide on will need to be experienced and willing to support you in these times.
8. Will you advise me of any maintenance and repairs that need to be made to the property?
In particular when non urgent repairs need to be made, will you seek approval before getting items repaired?
9. What are your fees?
Enquire about management fees as well as any other costs a property manager may charge. Typical fees you may incur include those related to sourcing tenants, ongoing management of property and monthly statement fees.
10. Can I please see some references or contact details of the landlords using your property management services?
What level of service was provided to past clients? Did they take care of the landlord and follow through on all which was promised?
If you are in the Williamsburg area and looking for a property manager, you should check into Liz Moore and Associates, they answered these questions for me upfront. See if they are a fit for you and your property. I just made the choice to go with a property management company, Liz Moore and Associates and I believe it is one of the best decisions I have made in regards to our home.