Statistics show that 34% of American households are renters, making up 44 million households. Statistics also show that 38.1% of renters are under 35 years old.
If you own apartments, you may be looking for an apartment property manager. This is a great option if you are overwhelmed by the duties of a landlord.
A property manager handles things like tenants, repairs, and documentation. They have relevant legal experience to ensure you don’t run into issues in the future.
Keep reading to find out what you should ask an apartment property manager before hiring.
1. Do You Follow Real Estate Trends?
Property management is very important when you own real estate. If you want to rent it out, there is a lot that goes into this task.
Some people are able to manage this on their own, but the majority cannot. It can feel very overwhelming, and it is difficult to complete all the tasks that are necessary.
If you are in the process of hiring a property manager, there is something you need to ask. It is very important that the manager stays on top of current trends.
This is a good question to ask because it gives you a perspective of their experience. A knowledgeable real estate manager should always stay up-to-date.
Current trends dictate demographics and how they can reach tenants. Because of this, following trends directly impacts how well they can do their job.
Following trends also helps them to work more efficiently. Overall, any high-quality real estate manager needs to be constantly improving and learning.
This shows they’re passionate about their job and eager to do a good job.
2. What Is Your Relevant Experience?
If you have an investment property, you need to outsource some of your workload. An apartment property manager is a great way to do this without stretching yourself too thin.
It is important to remember that every property management company has different specialties. For instance, some property managers specialize in single-family homes.
Others, like Reedy and Company, provide resources for single-family homes and other properties. This is very beneficial, depending on the type of property you own.
You also want to think long-term regarding real estate. Do you have plans of investing in more properties in the future?
If so, you want to choose a company that provides everything you will need. That way, you can avoid having to move on to a different company in a few years.
Relevant experience also predicts how successful this collaboration will be. All property managers have the basic knowledge they need to do their job.
But they are able to work better if they have worked in similar situations. For instance, managing an apartment is more complex than managing a rented home.
You want to ask what past clients that manager had that were similar to your situation. This is also a good time to ask how successful they were on that project.
3. What Technology Do You Use?
Property managers utilize a variety of tools to help them do their job. Nowadays, a lot of these tools include different forms of technology.
It is important to go with an apartment property manager that uses technology. They need to be up-to-date and understand how the latest tools work.
One example of this is paperless payment options for tenants. Something like this encourages tenants to pay on time since it is more convenient.
There are other kinds of technology useful for rent collecting and documentation. This makes everything easier for the property manager as well as yourself.
Using the latest technology also shows that the property manager is willing to grow. They can learn new things to improve their efficiency and workload.
If someone is too old school, they may not be willing to make the changes you need them to make.
4. How Do You Handle Rent Collection?
There are certain core responsibilities that property managers have. A good example of a core responsibility is handling everything regarding rent.
This is something you should ask about to better understand how the company works. You want to go with a manager who uses the latest rent-collecting strategies.
You can also ask how they will document rent collection and communicate with renters. Because they act on your behalf, it is important to understand how things work.
5. How Are Tenants Screened?
An important task for apartment owners is going through tenant options. A big part of choosing the right tenants is screening them and doing background checks.
This helps you to see if they have had any issues with rent in the past. Things like criminal offenses and transactional problems would show up during the screening.
A lot of property managers have a different way of screening tenants. They often use different sources to find the best tenants to narrow down the list for you to see.
You need to make sure your goals align so that you find your dream tenants.
6. What Would You Do If a Tenant Caused Issues?
There are several things to ask during the interviewing process for a property manager. Something to bring up is conflicts with tenants.
Dealing with tenants is going to be one of the more difficult parts of their job. But it is one of the most important aspects of what a property manager controls.
Common issues they may need to deal with include renters who aren’t paying. How will they communicate with the renter and come to some kind of agreement?
Another common issue is renters who are going against their contract in some way. How many chances will the property manager give them before eviction?
You want to make sure their strategies align with how you want things handled. After all, they are the face of your property while you handle other tasks.
7. How Are Maintenance Issues Handled?
When you own apartments, there are a variety of things that can come up. As a landlord, it’s your responsibility to cover most repairs and maintenance.
You have to cover these things financially and find the labor. A property manager takes on this task to manage maintenance for you.
It is a good idea to understand how they approach maintenance problems. For instance, if a tenant has a leak in their apartment, how will the manager approach the situation?
Dealing with unexpected issues is important when it comes to real estate management. You want to make sure you can trust the property manager to do the job well.
8. What Will I Be Responsible For?
When you hire an apartment property manager, you are handing off some of your responsibilities. But that doesn’t mean you tap out completely when it comes to managing things.
It is important to ask the property manager what you still need to do. Every manager has their own strategy and system and may control more or less.
You should let them know what you still want to have complete control of. Then the two of you can see if your strategies align and if you can work well together.
You want to know what to expect every step of the way when things come up. This is also a good time to let them know if you want anything run by you first.
9. How Do Your Services Stand Out?
As a landlord, you have a lot of options when it comes to property management companies. Because of this, you have the opportunity to be very choosy about your decision.
You want to ask the property manager why you should hire them. They should have a good reason for why they are a better option than other managers.
Maybe they have a good reputation with a long track record of success. Or they may be up-to-date with the latest trends and use the most efficient technology tools.
This is also a time for them to show how professional they are and knowledgeable in this area. You want someone who knows their value and their industry.
10. How Do You Market Properties?
There are several benefits to hiring a property manager for your real estate. One of the main benefits is that they market your properties for you.
This is an area where many people struggle, and it can hurt their business. There are a lot of apartment options, and you need to showcase the benefits of your apartment.
Marketing can be hard to do without the right tools and resources. Property managers have access to these things, as well as marketing experience.
You can ask them to give you examples of past marketing strategies they used. As well as the results of those strategies and if they stay up-to-date with marketing tactics.
You can even ask them what they would recommend for your property. If they’re passionate about the project, they should already have given this thought.
Apartment Property Manager Necessities
During the process of hiring a management company, there are things to consider. Property managers need to provide certain necessities to make them worthwhile.
Here are some examples of the main things that your property manager needs to provide.
When you are researching managers, you need to look at their backgrounds. This includes looking at the types of projects they have taken on in the past.
Many property management companies display their experience on their website. You can also read reviews to see what kind of clients have commented.
It is ideal to go with a company that has very specific experience. They will have industry experience in your area that ensures the best quality services.
There are property management options all over the US. It can be tempting to look into broad of a broad pool of options when you are doing your research.
You need to limit your options to local companies for relevancy. These companies will be up-to-date with local laws and regulations to help manage your properties.
It will also be easier to work with them since they are nearby.
When you hire an apartment property manager, this is a long-term relationship. Because of that, you want to find someone who is a good communicator.
The property manager needs to keep in touch and explain what is going on. They need to take complex subjects and break them down in a way you can understand.
Property managers also need to be good listeners so that it isn’t a one-sided conversation.
Tenant Track Record
When you own an apartment, you will be dealing with a large number of tenants. A property manager takes over this for you, so they need to have a lot of skills in this area.
They should have a proven track record when it comes to tenant management. This includes finding the best tenants and resolving conflicts.
It is especially beneficial if they’re skilled at finding long-term tenants to prevent long vacancies.
Apartment Property Manager: Things to Ask Before Hiring
If you own an apartment property, you may struggle to manage it on your own. This is where an apartment property manager comes into play to help you out.
Before hiring a property manager, you need to ask them about their experience and strategy. As well as how they will market your property and resolve tenant issues.
A good property manager should show initiative and good communication abilities.
Are you interested in hiring an apartment property management company? Contact us today at Reedy and Company to get started with a property manager.