Have you decided to pull the trigger and 2021 is the year when you want to hire a property manager? If yes! you’ve made a wise decision. Firstly, it is important to decide that all property management companies are not the same. Because their level of experience is different and the fee, they charge for property management services. Some property management companies, in London, work with new technology, while others work in the way that they did years ago. As you pay attention to your investment property, you should also pay attention to prospective property management companies’ work. After all, they will manage your investment on a daily basis. Here are 15 basic questions you should ask in a property manager interview from the property managers.
15 Questions to Ask from a Property Manager before Hiring
- How long have you been in the Property Management Business?
We advise you to hire a company that has experience in managing properties of at least five years. It matters a lot because as long as the experience, more than enough will be their track record to call references.
- How is your business model different from others?
By asking this, you will get to know how responsive the company is to industry changes with the development in technology.
- How many rental properties are you managing currently?
Through this question’s answer, you will know the company’s size and expertise.
- Have you managed any other rental property in my area before?
From this question, it will be clear that your property management company understands your local rental market.
- Which property management services do you offer for my property?
All property management companies offer different services at different fees for different time spans. You need to choose the company that offers a full suite of services that meets your requirements.
- In which area does your company provide property management service?
If you want to invest in multiple properties in multiple cities or towns, having a large coverage area of the company’s services would be beneficial.
- Which types of properties do you manage?
Because a property manager who handles or manages single-family rental properties will have a different approach than the person who deals in commercial retail properties. Therefore it is necessary to find a property manager having experience in your niche.
- Do you charge miscellaneous fees that I should expect to incur?
Because some companies charge extra charges for turning over property, marketing units, evicting tenants, etc. So, you should be clear before hiring a property management company.
- Which strategies do you use to fill vacant seats quickly?
This answer will give you insight into their leasing strategies to do quality work within a deadline.
- Which types of insurance do you include or offer?
You should find out companies that carry at least a $1 million general liability policy with an errors and omissions policy.
- What are your monthly management fees charges?
Generally, the monthly fee charged by most companies is between 8-12% of total monthly revenues but it can vary from company to company and on the number or types of services they offer.
- Do you charge management fees when a unit is vacant?
If they say Yes! Stand and run away. Property managers are responsible for filling rental units quickly and forfeit a portion of their fee in the vacant time.
- Can I cancel my contract without charging any penalty if I’m not satisfied with the services?
Avoid companies that bind you in a strong contract. You should switch to another management company if the service quality is a barrier.
- What criteria do you follow to set your rental rates?
A credible property management company should be able to do a market analysis and decide rental rates on the basis of various factors such as your local market, the unit size, the amenities you offer, etc.
- What’s the procedure you follow for hiring tenants?
You should know whether they use to check these things such as employment, credit, background, and landlord reference checks in screening procedures.
According to your requirements, you can ask other questions too from potential property managers. But starting with these 15 questions is a good starting. So, are you ready to interview a property manager to find a potential property management company in London for your property? Let HouseMange help you provide property management services in your area.