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Many real estate investors will choose to manage their own properties, especially if they live within a short distance. However, for many investors it may not be feasible to take over the management of their properties if they are spread across different states and countries. In these cases, they may designate a property manager to deal with matters related to the rental and administration of the properties in exchange for a monthly fee.
The benefits of appointing a property manager can easily outweigh the reasons not to. A good manager will always communicate effectively with the owner in all circumstances and tasks that he performs.
The tasks and duties of a property manager are quite varied and will vary depending on the requirements of the owner. Here is a list of some of them:
Advertise and screen (credit checks, contact references) potential tenants
Collect down payment on bonds/securities
Charge monthly rents
Organize necessary repairs
Periodic inspections and inventories of the property
Pay workers, gardeners, council fees and other bills with incoming rent
Make regular rent payments to the landlord
Communicate with landlord when tenants give notice to vacate
Liaise with landlord to arrange repairs above a certain value
Issue relevant notices and letters to tenants
Provide rent and expense statements to the landlord
This is just a sample of the functions carried out by a property manager. Ultimately, a good property manager is not one that charges the lowest rates. Most managers where your property is located will charge similar fees, however their ability to manage the property according to your requirements will be different, so a strict selection process is necessary.
The best way to test multiple property managers is to ask them a series of pre-defined questions. Some owners prefer to do this in a face-to-face interview; others are content with perhaps a phone call and emails.
So what questions would you need to ask? There are a few different aspects of property management that need to be looked at, so I’ve categorized some possible questions accordingly.
Rates and Services
What monthly fees do you charge?
How many properties do you manage?
Do you charge rental fees?
How often do you carry out inspections?
relationship
How often are payments made to owners?
Under what circumstances do you contact a landlord?
supporters
How do you find and screen potential tenants?
How often do you collect rent?
What is the typical notice period?
How do you deal with non-payment of rent?
Maintenance
What action is taken if a tenant were to damage the property?
How are minor and major repairs managed?
How long have you been dealing with your preferred merchants?
These are just sample questions and will differ depending on your situation; however, they do provide a summary of what you may need to ask.
At the end of the day, don’t settle for less than what you expect from a property manager. After all, this is his investment, bought with his hard-earned money, that you’re putting in his hands. Do whatever it takes to make sure it’s in the hands of someone you feel is capable and trustworthy.