The typical reason why people get into the rental business is that they want to make money. But many don’t realize the responsibilities that come with the endeavor. If you are already working another full-time job and have a family, taking on all of the work of a property manager is most likely not an option. Furthermore, if you have no experience as a property manager, you will have to educate yourself to make sure you don’t make any rookie mistakes. Rather than taking on the workload yourself, you can pay a professional to handle it. To determine if this is the best choice for you, you should ask these top questions first.
Should I Hire A Property Manager?
Bottomline, if you do not have the experience, you are going to facing a steep learning curve. Rather than risk making amateur mistakes, it may be best to hire a professional while you learn the in and outs of the business. Getting into the rental business is a serious step, and you should take every opportunity to set yourself up for success.
According to “6 Questions to Ask Before You Hire a Property Manager,” one of the top questions you should consider is the location of your rental property relative to where you live or work. If your rental properties are in another state, it may make more sense to hire a local property manager to handle your property. That way if something goes wrong, such as the air conditioning dying or the property gets flooded, you can have someone in the area that can get there and assess the damage in person in a reasonable amount of time.
As mentioned before, if you are already working another job and have a family to take care of, then you should seriously consider how much time you have to devote to property managing. Many people get into the business without considering or realizing how much time it will actually consume. If your daily routine is already packed as it sits, then it would probably be a wise idea for you to hunt down a property manager.
What Questions Should I Ask When Hiring A Property Manager?
If you have deiced that you need to hire a property manager to handle your property, then you will need to make sure you ask the right questions to get the best individual for the position. According to “4 Types of Interview Questions for Property Managers,” the main areas you should cover include: property management experience, education and certifications, knowledge in landlord-tenant law, and their ability to fill vacancies and retain tenants.
When determining their experience, you should ask how long they have been in property management as well as what sort of properties they have managed. You will not only want someone that has been doing this for several years but also has experience with your particular kind of property. You should also ask how many properties they are currently managing, for you want to make sure that they will have the time to devote their full attention when managing your properties. And lastly, you should see if they have ever been fired as a property manager.
The second portion of questions you should delve into is if they have obtained any education or certifications in property management. You should also be aware of your state requires any licenses for an individual to engage in property management. If you do live in such a state, then naturally you want to make sure the person you hire has all of the necessary licenses.
When hiring someone to represent you and your business, you want to make sure they have a deep understanding of the landlord-tenant laws. Any mistake on their part due to a lack of knowledge can result in a lawsuit. Test them in this area, and make sure that all of their answers check out to avoid any legal situations later down the line
And lastly, you should ask them how they handle filling vacancies and how they maintain tenants. Are they able to fill vacancies in a timely manner? What sort of methods do they use to find qualified tenants? How often have they had to evict tenants? This can be a key indicator if their screening methods are effective.
Though it may cost you a bit of money to hire a property manager, you can unload the stress that comes with the job. Furthermore, if you lack the experience to take on the task, it can give you the time to learn the in and outs of the job while you are making money off your properties. Seriously consider if it makes sense to hire a property manager rather than take on the work yourself. And if you determine that you need to hire someone, make sure you do proper research and ask questions in a thorough interview to get the best candidate possible.