Questions to ask when interviewing a property manager
1. Are you the property manager who will be managing my property? If not who will it be?
2. How many properties do you and your company manage? 3. How would you market my property and attract the best tenants? 4. How do you screen tenants? 5. How many tenants on your books currently are in arrears with their rent? 6. What action is taken if a tenant is behind on rent? 7. What happens if my property needs urgent repairs / maintenance? 8. How many inspections do you do each year and what is the cost for these? 9. How do you communicate with landlords and how regularly? 10. What is the full cost of management? Please detail all costs and fees and show where GST is payable? 11. What is your estimate of the weekly rental potential of the property? 12. How can you ensure I receive the best returns for my property? 13. What differentiates you from other property managers?
A property manager costs approximately 7-10% of your total rental income, however the services and expertise offered by a good property manager are worth much more than this fee, plus in many cases the agents service fee is tax deductible.