4 ways to get the best out of your property manager
Whether it’s with your first or fiftieth, you may decide to turn over the management of your investment property to a professional.
It’s a great way to save your time every month and leave the day-to-day hassles to someone else.
Before you take that big step, it’s best to do your homework first because not all managers give the same quality of service.
Most know the basic questions to ask, like:
- How many years of experience?
- What services do you provide?
- Insurance Coverage?
- Vacancy Rates?
- Turn Times?
And you will get similar answers from the property managers that you interview.
So, I propose that you dig a little deeper.
And the first thing that I would ask for is a copy of the management agreement. Are your goals and objectives part of the document?
Second, I would ask to see examples of the operating reports. Are they completed monthly? Do they meet your information needs? Are your performance goals included in the report?
Third, I would want to know how often the property is inspected. And do you get copies of the inspection reports?
Last, inquire as to how else do they support your business. Do they audit the financials on a regular basis? Do they help identify insurances needs? Do they support you in complying with tax obligations and appealing tax appraisals?
If you are going to pay for management, I would want the best person to help me hit my goals at a reasonable price.
Are you considering investment property now? What is your #1 goal? What do you want to avoid?
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