Wow your future clients and grow your business with answers to these top property management interview questions.
Building your rental business by acquiring new owners is a top priority for all property managers.
But when you meet a potential client, how do you prove that you are the best solution to take care of their rental property? Hopefully, by demonstrating your value as a rental expert who knows everything about the community’s rental market and what it takes to manage long-term, rent paying tenants.
While it may seem obvious to be prepared to share information about your management fees and services provided, a smart owner will get down to the nitty gritty of your management style by asking questions similar to the ones below.
The following questions are those recommended to rental property owners to ask before hiring a property manager. Not every owner will understand the importance of asking all these questions, but every property manager should be prepared to answer them.
Questions Every Property Manager Should Be Prepared to Answer
- Do you own of the properties you manage?
- How long have you been a property manager?
- What resources do you have to successfully add my property to your workload?
Questions about Rent
- What is the market rate for rentals this city? How about for my rental’s neighborhood?
- How do you select the right asking rent price? How often do you evaluate the rental rates?
- How often do you increase the rent at your properties?
- How is rent collected and on what day?
- Is there a grace period and do you collect late fees?
- How much of the security deposit funds do you keep on average per tenant?
Questions about Vacancy and Marketing
- What is your vacancy rate?
- How long do your units remain vacant?
- When do you start marketing a vacant property?
- What steps do you take to market a vacant property?
- What is your tenant screening process?
- What is your tenant screening criteria?
- What is your average length of tenancy?
- How often do your tenants renew their leases?
Questions about the Property
- How often will you contact me?
- Is there an online portal that I can check to keep tabs on my property?
- How are maintenance issues reported by tenants?
- How do your report maintenance to me?
- How often do you preform inspections?
- How often am I allowed to inspect the property?
- What is your pet policy? What types of fees and/or deposits do you recommend?
Legal Questions for Property Managers
One of the benefits of working with a property manager is differing all legal questions and proceeding to you. Your new owners will expect you to know the answers to these questions about rental laws.
- Do you understand the city, state and federal laws for property management and dealing with tenants?
- Do you have knowledge of the federal fair housing laws?
- How do you stay up to date on changing rental laws?
- Do you know the steps to properly evict a tenant?
- What are the safety codes for my type of property? Smoke detectors, carbon monoxide detectors, peep holes, deadbolts, window guards?
- How you ever gone to court for a tenant related issue?
- When was the last time you evicted a tenant?
- How many tenants have you evicted over the past year?
You might consider getting one step ahead of your future owners by creating a FAQ section on your property management website that answers all of these questions. Your business will stand out by proving your value before you even sit down with for a face-to-face with your new owners.
Additionally, you will set the standard for how your new owners will evaluate the other management companies in your area, who might not be as prepared as you are to secure new clients and make them feel confident in your management style.
Check back next week to discover the recommended answers and best practices your current and future clients are looking for in an outstanding property manager.
What other questions have you been asked during a meeting with a potential new owner? Let us know in the comments!