There are good property managers, and there are bad property managers – and the bad ones can cost you big bucks in damage and unpaid rent. Here are five hot tips for checking up on your current property manager or evaluating a new one.
1.Tag along Accompany your property manager on one of the periodic inspections of an occupied unit. If it’s a mess then that’s a good indication that they’re not doing their job, because if they’re doing their inspections they would pick up on how well it’s being maintained.
2. Doube check tenant numbers Check that the number of people living in the property matches the number of names on the lease. Six mattress in a unit rented for two means the property manager is letting rent slip through your fingers.
3 Rate your rent Check out the asking rents for comparable properties online every six to 12 months to make sure that your property manager’s not under-renting your property.
4. Check management statements Is the tenant up-to-date, are the rents high enough and are the expenses reasonable?
5. Talk to tenants Ask the tenant if the property manager is responding to maintenance requests in a timely manner. Getting to the small stuff when it’s still small stuff means your manager is protecting your long-term cash flow.
By Canadian Real Estate Wealth