Rental Property Managers – 8 Questions To Ask

• You invested in the perfect property. Now you need someone to take care of the details of that property, no matter whether it is a business or residential property. That is why you need to employ a rental property manager . This kind of manager handles or manages property for the owner. It can be through a management firm or an individual manager who lives onsite to take care of the residents and their requests. A quality manager is necessary in this type of service. The manager acts as the go between for the owner and the tenants, taking care of complaints and requests, collecting rents, evictions and hiring contractors for repair and cleaning needs. Before hiring a rental property manager from a management firm or an individual, you should ask a few questions first. The first question is what other properties have they managed or still manage. Finding a manager who has experience in properties similar to yours is a plus. Take a look at their other properties to find out how they are maintained. The next question you should ask is what is their fee and what is not included in that fee? Fees vary among the different types of buildings and the regions they are located in. For instance a large multi family dwelling can be as low as 4 percent of the gross rents while a single family home can be up to 12 percent. The fee should be clearly stated and understood. Before the contract is signed with the manager, find out what extra costs are not included. Do they charge extra for showing the home to potential tenants? Are evictions an extra fee outside the legal fees? What other tasks are charged beyond the normal fee? Also determine when and how the fee will be collected. Will the manager bill you or will they have their fee deducted directly from your account? Will it be monthly or quarterly? Another question is who will handle the property? Will the manager be handling the building or will their be a group of people involved. It is best to have a single person with experience handling your building all the time. Be sure to find out who the person is, getting their name and references. The question of advertising should be addressed. What sort of advertising will the manager be using in their marketing of your units for rent? How much will it cost you? Ask the cost and time needed to prepare vacant units for new tenants. Determine a typical cleaning fee for each vacancy and the length it will be vacant? The rental property manager will need to get the owners approval on certain tasks. Ask what these tasks are when interviewing your manager prospects. What cost amount will you need to authorize? There should be a set hours of operation for the manager to be available. What are the business hours and how is weekend and off hours handled and by whom? And a final question to ask is about accounting. The rental property manager will be responsible for sending you monthly and quarterly reports. What are those reports and how often are they sent? How are the accounts designed? Many other questions will need to be asked according to your particular situation and the needs of your property. The main objective is to ask everything during the interview with the rental property manager and its team. Having a good manager will make your job as the investor more enjoyable and far less stressful. Franklin Park RV Storage

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