In the world of property ownership, peace of mind is everything. At Doorstead, we offer total transparency, guaranteed income, and a level of service that sets a new industry standard for full-service property management. We understand you're not just looking for property management; you're looking for a partnership, and that's a decision not to be taken lightly. Whether you're a seasoned landlord or a new property owner, we've compiled a list of the 11 best questions you should ask when interviewing a potential property manager.
You might have determined your best strategy for finding a potential property manager and are now looking at interviewing or speaking to a few different options for property management. (If not, check out our guide on how to choose the right property manager for your rental property.)
The following questions are designed to help you make an informed decision and ensure that your property manager will protect your investment as vigilantly as you would.
- What is your experience in property management? This question is essential to understand the manager's background and ensure they deeply understand the business. Experience often equates to an ability to handle difficult situations with ease.
- How many properties do you currently manage, and what types? This will help you understand if the manager has experience with properties similar to yours and if they might be overextended with their current workload. There are many types of property management structures; you can learn more about every kind of residential property management with this guide.
- What are your fees, and what do they include? Every property manager will have a different fee structure. It's essential to understand what services are included in their fee and if there are any additional costs for specific services. We have a glossary of must-know fees and terms in property management.
- How do you handle property maintenance and repairs? A good property manager should have a process in place for routine maintenance and emergency repairs. They should also have a network of reliable contractors they work with.
- How do you screen potential tenants? Tenant screening can prevent many potential issues down the line. Their process should include credit, background, and reference checks to ensure tenants are reliable.
- What is your tenant retention rate? This question can provide insight into the manager's ability to keep tenants happy and prevent excessive turnover, which can be costly.
- How do you handle tenant issues and complaints? A property manager should have an effective and efficient process for handling any problems or complaints that may arise.
- How often do you inspect the properties? Regular inspections can help catch any issues before they become serious problems. It also shows the manager's commitment to maintaining the quality of your property.
- How do you handle rent collection and late payments? A good property manager should have a strict yet fair rent collection policy and a system for tracking and managing late payments.
- What is your process for handling evictions? While no one wants to evict a tenant, sometimes it is necessary. The manager should know the legal process and how to run it smoothly and professionally.
- Can you provide references or reviews from other property owners you work with? References and reviews can give a first-hand account of what it is like to work with the manager. A reputable property manager should be more than willing to provide references upon request.
These questions will help you clearly understand the potential property manager's expertise, professionalism, and practices. Choosing the right property manager is one of the most important decisions you'll make as a property owner. It's about more than just managing tenants and maintenance; it's about choosing a partner that understands your investment goals and has the expertise to help you achieve them.
At Doorstead, we believe in empowering property owners with the knowledge they need to make the best investment decisions. We also give peace of mind to residential property owners across America by helping to remotely manage their homes, handling the entire process from listing to depositing the rent into their bank accounts. We even offer guaranteed rent for specific qualifying properties, which pays the homeowner a guaranteed amount each month regardless of vacancy. Read about two customers who love the Doorstead rent guarantee and found great success as landlords using this service.
Remember, a truly great property manager will bring you peace of mind, handle the hard stuff, and make your investment work for you. We hope this list of essential questions will guide you in your search for the perfect property manager. If you have more questions, we're always here to help.