However what do you do when referrals are thin on the ground and you need to engage a property manager immediately? Thankfully the answer is online and Landlords can now ask prospective property managers a list of pre-qualifying questions.
Does the PM specialise in PM?
- Try a company that only does Property Management i.e. 100% of the attention and resource.
Does the PM have an audited trust account?
- Make sure your independent PM has an audited trust account and is not paying staff wages from the same account your rent is going into.
How long has the staff been there? (Staff retention)
- This can be indicative of the management of the co. If the property manager has been there only 6 months or so, find out how long the previous one was there for.
How many properties does the PM look after?
- 250 is a lot. Less than 100 is preferable.
Does the PM belong to a wider group that it is accountable to?
- There are a number of organisations that a PM can belong to. The Independent Property Managers Association is a good one. They are a non-profit that has certain standards that are a benchmark for entry.
Who is the main owner?
- In property there are a number of rogues unfortunately. Find out who the owner is and do a quick google. Make sure they are not a ex-bankrupt rogue who has set up a company out the back of a failed property development.
In addition to asking a property manager these generic questions, Landlords also need to satisfy any particular concerns they have about a third party handling their property.
Lots of detail in reports is desired by many Landlords, especially those who are 100 percent hands off. If you know you need lots of detail particularly on property inspection reports find a property manager who is big on systems and reporting.
This blog article was written for PropertyBlogs by Mobilize Mail.