How to Find a Property Manager: What Questions Should I Ask?

Real estate investors typically want the best property management Norfolk offers. It can be challenging to manage even one property full-time. If you have multiple properties in a growing portfolio, it's even more difficult to handle every task. 

However, when seeking a property manager, finding someone who will benefit your business while reducing your workload is vital.

The right property manager will complement your work style, boost your ROI, help you accomplish your goals, and protect your investments. So how can you be assured that you are hiring the best property management company? Start by going through an interview process and asking a few critical questions.

What Questions Should Property Owners Ask? 

Whether you're in a rush (or not) to find a property manager, be careful about hiring the first one you Google. Instead, take your time interviewing or researching various property managers to find out if they can assist you in achieving all your financial goals. 

Talk to them about their management style and ensure that you will connect with how they do things. For example, some property managers have a more hands-on approach, while others will just keep you updated about the big stuff.

To help determine how to find a property manager that meets your needs, have a list of questions to direct the research or interview. Here are a few critical questions to include on your list. 

How Long Have You Been in Business?

You don't necessarily need a property management company that's been in business for decades if they don't also offer the best services. However, on the other hand, you probably don't want to trust your rental properties to someone who has just started in the industry. 

A property management company built up and established will have the expertise and credibility you want.

How Do You Find New Tenants?

Find out how the property manager goes about finding new tenants. Do they just use the basic methods for listing properties? Or do they explore all available avenues for finding and placing quality tenants? 

With the best property management Norfolk offers, thousands will see your properties of prospective tenants.

How Do You Set the Monthly Rent Amount?

When setting the rental amount, property owners must avoid overcharging tenants—but you certainly don't want to undercharge. Finding the ideal rental amount for each property requires doing a rental market analysis, which a good property manager will always do.

With a market analysis, you are assured of receiving a fair rent for your property. So, be sure to ask any prospective property management company how they determine the monthly rent amount.

What's Your Vacancy Rate?

Every month you have a vacancy, you lose money. So, finding out how quickly a property management team can find and place tenants is important. High vacancy rates mean your property manager will struggle to help you maintain consistent revenue every month. 

How Do You Handle Maintenance?

Work with a property management company that uses trustworthy contractors or internal maintenance teams to perform repairs. Additionally, your property will retain its value if property managers implement a preventive maintenance program. Property owners experience fewer repairs and significant issues with a preventative maintenance plan in place. 

Additionally, be sure property managers offer 24-hr emergency service for tenants who need immediate repairs. Tenants will be happier with the level of service they receive, and you won't have to worry about paying extra "after-hours" fees to other contractors.

How Do You Collect the Rent?

When determining how to find property management company experts who will meet your needs, inquire about the methods used to collect rent. It's best if the management company offers more than one option for rental collection for renters that prefer paying by check vs. paying online. Your property manager should also have processes in place to ensure a consistent on-time rent collection policy. 

How Do You Handle Evictions?

The last thing an investor needs is a bad tenant. If someone consistently doesn't pay on time, fails to pay altogether, damages the home, or participates in illegal activity on the property, they may need to be evicted.

An eviction is a legal procedure and must be handled as such. Therefore, it's essential to find out how the property manager handles evictions. Do they use the proper legal protocol? Do they have attorneys on hand who specialize in these types of proceedings? If so, then you know the eviction will be handled appropriately.

Ask Good Questions When Searching for the Best Property Management Norfolk Offers

It's crucial to ask plenty of good questions when choosing the best property management Norfolk offers! As you interview potential property managers, we hope you'll add our Osprey Property Management team to your list of candidates. 

We provide complete property management services ranging from tenant screening, home inspections, maintenance, financial accounting, and much more. Contact our team to learn how we can help you maximize revenue from your rental properties in the Norfolk area!

Learn more about managing properties successfully in our free resource, the "Expert Guide to Rental Property Management."