Investing in rental property is rewarding but it also comes with its share of challenges. With the looming presence of instability in the economy, it’s a great idea to obtain additional housing properties that will enable you to profit financially regardless of your city’s employment status or the overall housing market’s status. Still, there’s a lot of work that goes into having a part in the rental property business that can easily make the process overwhelming.
The trick is avoid biting off more than you can chew and allowing a professional who specializes in rental property management assist you by taking the job by the reins. If you’re considering hiring someone to help you maximize profit in these endeavors, keep in mind that vigilance is the key to your longevity. Here’s several questions that you consider asking when interviewing prospects.
1) How long have you been in rental property management?
One of the most obvious factors to inquire about is how much experience each candidate possesses. A professional who’s been in the industry for a few years and carries a good track record is typically better suited for the position that you’re offering instead of a person who’s just emerged on the scene. Getting someone with more credentials and a longer history can give you the peace of mind needed to continue on your journey to financial freedom.
2) How many properties do you currently manage?
It’s also important to find out how many properties your candidates are currently overseeing. This may help you gauge their multi-tasking skills, as well as determine how successful they’ve been at obtaining business and making a name for their company in the community. Chances are you’ll get much more satisfaction out of a prospects who’s already plugged into their environment because they’ll be more familiar with day-to-day operations, such as the handling of reports, repairs, and maintenance issues. Knowledge and experience with the internal make-up of a rental property company matters and can only be an asset to your business goals.
3) What’s your availability?
Although managing several properties at once sounds impressive, it’s important to ensure that it doesn’t cause a potential hindrance to your investment. If candidates are too tied down by their other endeavors, they won’t be as beneficial to you and your enterprise. It’s best to find someone who’s able to incorporate flexibility into their regimen. Otherwise, you could end up hiring a full-time employee that only does part-time work.
4) What is your policy for tenancy problems (ie late rent payments, noise control, etc)?
Lastly, you need to know how your candidate interacts with tenants in the buildings they manage. The most effective professionals have strict policies in place and also know the importance of dealing with unique scenarios on a case-by-case basis. Excellent customer service and problem-solving skills are a must for successful property management operations.
