When it comes to protecting your investment and maximizing your returns, it’s important to make sure that you’re partnering with top-notch talent that will handle your assets with care. Not all property managers are created equal, and it’s important to know what questions to ask so that you know your properties are in good hands.

Here are some of the most important questions to ask when interviewing potential property managers.

1. What experience do you have with investment properties?

Although there are plenty of mega-management companies that fall short of providing excellent service, it is important to know that your manager has a track record and solid amount of experience managing properties like yours, and navigating the vast array of scenarios that require real expertise.

It’s also true that too many properties under management can lead to a breakdown in systems and leave a lot to be desired when it comes to personalized service. Don’t shy away from asking how many properties the manager is currently overseeing and make a decision that fits your style and investment strategy.

2. What is your management style?

Believe it or not, property management isn’t always as straightforward as it seems. Management styles vary and can play a role in how involved you’ll end up being with the property. Management companies often offer an array of services and have unique approaches to handling issues like repairs and maintenance, non-payment and so on. Dive deep your potential managers style to know if it aligns with your own.

3. How do you handle maintenance and repairs?

Having not only reliable vendors, but also reliable and efficient systems to handle maintenance and repairs is key to keeping your tenants happy and your assets in great condition. Be sure to explore your managers process for handling repairs.

4. What fees do you charge?

While fees aren’t everything, they’re certainly important. Management companies often have different pricing options for different services. Some charge a flat fee for basic services, or a percentage fee for full-management that allows you to remain completely hands off. You’ll want a pricing structure that fits your budget, comfort level and investing strategy.

5. Are you licensed and insured?

Anyone can technically be a property manager, though it’s a dangerous proposition to have your investment overseen by someone who isn’t licensed and insured. Make sure your manager is current on these two crucial pieces!

6. What happens if I need to evict a tenant?

Evictions are often a last resort for both investors and managers. However, when they do happen it’s important to understand how they be handled by your management company and to what extent they will be involved. An eviction is technically a lawsuit, and so it’s crucial to know exactly how you’ll be represented.

7. How often will you communicate with me about the property’s status?

Lastly, communication is key. When entrust a manager with your investment it’s important to set expectations for the communication process so that you’re always up to speed and have a standard of accountability around staying informed.

This of course isn’t an exhaustive list, though these are some very fundamental questions to make sure you’re aligning with a manager that understands your needs and can provide the kind of service you need.

If you’re looking for property management services in the North Texas area give us a call at 469-649-7666. With over 20 years of experience in residential property management, and serving the entire North Texas area, Homeward Property Management your go-to partner in protecting your assets and maximizing your investment!