8 Questions to Ask a Prospective Property Management Agency

Ever since the year 2019, property rentals are up by 3.7 percent. As rentals soar, you may want to consider hiring a manager through a property management agency.

Not only do these professionals help you find quality properties, but they can scout for trustworthy tenants. Both of those assets can benefit you as a landlord. After deciding to hire a property manager, the next step is finding a reputable company you can trust.

To do this, you must ask a series of questions and consider several factors to ensure you make the right choice. Want to know all about hiring a property manager? If so, keep reading our informative guide. 

1. What Are Your Credentials? 

Each state has its own set of rules and regulations for property managers. Along with those rules, the licensing and credentials vary.

So, credentials may change depending on your location. Take some time to hop online and use your web browser to see what your state requires of a property manager.

Some areas do not require a full license, while others will. That said, it would be to your benefit to inquire about a license anyway.

Even if your state doesn’t require it, the company may. That would show that the property management business takes its role seriously and hires only the most qualified employees. 

2. Do You Have References?

The next question you want to ask is whether they have any references to give you. Reputable property management agencies will be more than happy to detail a list of numbers from past or current clients.

You can go ahead and call those people up to see what they have to say about their experience with the company. However, if they do not have any references, you can always perform research by yourself.

Get online and type in the property management company’s name. Look at websites like Trustpilot, Google Reviews, Angie’s List, and Glassdoor. You want to use a few different review websites.

The reason for this is because one website will not give you a well-rounded view of the company. Instead, read reviews, both good and bad, from every review site you can.

That way, you can pinpoint recurring issues or positive traits across the board. You can also ask your colleagues whether they use the same company or not.

As a landlord, you probably know others in the business. Inquire about whether they use the company and if they enjoyed their experience with their property manager. 

3. Do You Have a Portfolio?

Ask if you can see a portfolio that details their experience with finding homes and tenants. Sometimes, they will showcase this portfolio online. So, before you call, check their website to see if they list a portfolio.

If not, that isn’t a bad sign. Some people do not include a portfolio on the web, but they are more than happy to send it to you.

Once you get the portfolio, take your time to flip through it. You want to see what types of homes they manage and how well the managers work with the tenants. 

4. Is Your Team Familiar With the Market Trends? 

There are trends that people follow on the market. People determine these trends by basing them on what styles and features people look for when renting a home.

For instance, what exterior paint color is popular these days? For a while, it was a light grey. People from all over wanted to rent a home that color. So, when you call the company up, ask them about current trends.

Listen closely to their answers to see if they are up-to-date with current events involving the housing market. The market is an ever-evolving system, so you want a property manager who can keep up with the times. That way, they can find available spaces that are stylish and will draw prospective tenant’s attention. 

5. How Will You Determine Clients?

The next thing you need to know is how they source their clients. What goes into their application process? You do not want a manager who will allow anyone to rent a space.

Instead, ask how they determine what clients to approve. They should have a system and credentials. For instance, the property manager should do a full background check on every party looking to rent the space.

After that, they need to check their credit scores to ensure the prospective renters are legitimate. The last thing you want is for someone to skip out on the rent.

Be sure that their application and the rental process are as detailed as possible. That way, you can ensure good tenants. 

6. How Will You Collect Rent? 

Again, a property manager should be up-to-date with the latest technology and solutions software. The days of collecting physical money are over.

Ask the company what software they use for monthly rent payments. By implementing an online rent payment system, you make it easier for your tenants to pay their fees. 

7. How Will You Handle Maintenance?

Everyone will need maintenance at some point. How your property manager handles those requests will determine your tenant’s happiness.

Some managers do not respond to requests, or they take their time to fix the problem. To ensure satisfied tenants will re-sign their lease, get a property manager who fixes maintenance issues on time. 

8. How Are You Different From Everyone Else? 

What makes the property management company unique? There are thousands of businesses out there.

So, why should you hire a manager from this company? Any outstanding business will tell you why they differ from everyone else in terms of customer service, quality of rental properties, and tenants. 

More on Hiring a Property Management Agency and Real Estate Tips 

As you can tell, there are several questions you should ask before settling on a property management agency. You always want to ensure they have a large staff size and a portfolio for you to peruse and check out.

Remember, the best quality property management will tell you all the ins and outs of their company. We hope this article helps you decide on what management company to choose.

Did you enjoy our post? If so, we invite you to continue reading the rest of our blog for more real estate tips and tricks!