Hiring A Property Manager Stay Local and Know The facts

We ask Charles Stallions, a veteran real estate broker, property manager, and investor since 1995, how to weed out and choose a property manager. When selecting the ideal property manager for your rental needs, Stallions says staying local is your best choice for a seamless property management team. As you prepare to embark on this journey, here are the top questions you should consider asking when hiring a property manager, according to Stallions:

Finding a Property Manager

Remember, your property manager, like your lawyer, doctor, accountant, etc., should be essential to your team. A great property manager, you might say, handles your retirement fund, your kid’s college fund, and much more. You want to know how closely this person fits into your strategy, such as risk, temperament, and knowledge of all things real estate-related.

Initial Screening

Initiate contact through a phone call or email to gauge compatibility and efficiency. This initial conversation helps streamline the process and allows for a more focused discussion during subsequent interactions.

Experience and Expertise

Inquire about the property manager’s experience, certifications, and familiarity with local landlord-tenant laws. Ensure they have a solid track record managing properties like yours and possess in-depth market knowledge.

Costs and Fees

Understand the fee structure, including setup fees, monthly charges, and additional expenses. Request a comprehensive list of fees in writing to avoid surprises later on.

Meeting with the Property Manager

Move to an in-person interview if you’re satisfied with the initial communication. Organize your questions into categories to ensure a productive discussion.

Is the Property a Good Fit?

Discuss your property’s unique attributes and any necessary adjustments before listing it. Gain insight into rental potential, target tenant demographics, and potential management challenges.

Advertising and Vacancies

Inquire about the property manager’s strategies for marketing vacancies and minimizing turnover time. Clarify administrative responsibilities during vacancy periods.

Tenant Screening

Learn about the tenant screening process, including credit checks, rental history verification, and criminal background checks. Understand the property manager’s involvement in tenant selection.

Maintenance and Repairs

Evaluate the property manager’s maintenance, repair, and vendor management approach. Discuss protocols for handling tenant maintenance requests and conducting property inspections. Does the PM allow you to hire and handle repairs to save the 20% upcharge that most companies charge?

Financial Management

Gain clarity on rent collection processes, payment timelines, and late fee policies. Ensure transparency regarding income and expense reporting.

The Final Four

Before finalizing your decision, address insurance requirements, references, termination clauses, and conflict resolution procedures.

You can confidently select Charles Stallions as your preferred property manager by asking pertinent questions and thoroughly evaluating your options. With their expertise and commitment to excellence, you can expect a rewarding and hassle-free landlord experience. For further guidance on your landlord journey, explore our free guide below.