Staying Ahead of the Real Estate Trends

Questions to Ask Before Hiring a Property Manager

13 August 2018 by Jimmy Carr

You have just built a block of apartments and tenants are streaming in by the day. You keep getting numerous calls from people who want to view the property and possibly rent. A property manager is someone you can consider hiring to ease the burden of managing the property. Below are the questions you should ask before hiring anyone to manage your property.

What is your level of education?

While there aren't any specified education requirements for property managers, it is essential that the person has some training in business management or real estate. In such a way, the individual can handle the property's finances. A person with a background in real estate can advise you on current trends in the market that will ensure you retain your tenants. Prior experience in property management is an added advantage.

What skills do you possess?

Property management involves numerous interactions with tenants and service providers such as plumbers and electricians. It is critical that the individual is a people person and has excellent communication skills. Further, the property manager should be a person of integrity. He or she should be honest and observe a high degree of transparency. People with critical thinking and problem solving skills make excellent property managers.

When are you available?

Property management companies have many properties to manage but have a lot of staff. The main disadvantage of such arrangements is that you cannot control who is responsible for managing your property. On the other hand, a property manager who manages many buildings will not always be available to attend to your tenants. As such, you may prefer to hire an onsite property manager who will be dedicated to your property alone.

If the candidate's qualifications, skills and level of availability are satisfactory, then you can hire him or her. You will have to draw up a contract that explains the roles of the property manager. Here, you decide whether he or she will collect rent on your behalf, whether or not the manager can evict tenants, what kind of repairs he or she will be in charge of and how to resolve disputes among tenants. You should also agree on the manager's remuneration.

A property manager makes it easy for you to concentrate on other projects by handling affairs on your property for you. An efficient property manager should have training in business management or real estate. Also, he or she should be an excellent communicator. It is vital that the manager is always available to handle tenants' inquiries. To learn more about property management, contact a company like McGrath Real Estate Group.

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