Utilising the services of a property manager can be a good idea for property investors – particularly if you are living in a different city or country to your rental.
It does pay to do your homework. Choose a property manager with a sound reputation, skills and experience before signing with an agency.
Once you have decided upon your favourites, interview them for the role. You are entitled to do this – after all, you will be paying them to carry out a very important job.
Here are 10 questions to ask property managers, before signing the dotted line:
1. How much do you charge?
2. How long have you been a Property Manager?
3. How many properties do you manage?
4. Do you run a separate Trust Account for rents received?
5. How often do you distribute rents to the Owners?
6. What are your rules for tenant selection?
7. Do you collect a bond and how much?
8. Do you recommend a Fixed Term Tenancy?
9. How easy is it for tenants to find the properties you have available to rent?
10. What is your arrears policy?
Do you have any questions to add to the list above? If so, please leave your comments.