2 Vital Questions to Ask a Property Manager Before Hiring Them
November 08, 17
Hiring a property manager is one of the single most effective ways to enjoy more free time, get timely rent payments from your tenants, and ensure your building gets the best tenants possible. By having the property manager middleman, you, the property owner, will have less of a headache that typically comes with being a landlord. But before you dive into hiring a property manager, make sure you ask them these two questions to know that they are right for the job.
1. What Kind of Property do You Manage? This is an important question because if you are talking to a property manager and they've only ever managed residential buildings and you have a commercial building, they probably won't be able to handle management the way a seasoned commercial property manager would. Ask the manager to show you some examples of the spaces they manage that are similar to your building. If they can show you this, you are off to a good start.
2. How Do You Screen Tenants? Obviously you don't want to hire a property manager who will just let anyone rent a space in your building. The more detailed their screening process is, the better. You want a property manager who will set the bar high regarding who qualifies to rent a space in the building you own. Ask the property manager to thoroughly go over the requirements they have for tenants and how they implement the screening process. The process should include income requirements, background checks, credit checks, and references.
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