Questions from an Owner to a Property Manager

Property Management Bangalore

Very often those living in metros find themselves scouting for tenants or rental apartments. Those who are looking to rent a flat, approach real estate agents. Those who are looking for tenants advertise their property details through various media, including internet.

 

For those who have larger assets to manage, opting for a property manager is the best approach. It could be an individual or a company that appoints several individuals in various capacities to take care of properties anywhere within the city. To ensure you hire the best possible candidate there are a few things to cross verify. 

 

Below is a list of questions to ask the property manager before hiring him/them:

 

1. How long have you been in the property management business?

• They should have a proven track record of managing properties in the city.

 

2. What types of properties do you manage?

• Find a company that manages properties of the type you own, family or commercial.

 

3. How many units are you currently managing?

• Look for a company that manages a substantial number of properties.

 

4. How many property managers does your company have?

• This will tell you how many properties per property manager they manage. Generally this will give you an idea of how effective, responsive their service will be.

 

5. What is the average length of time it takes to fill a vacancy?

• Make sure this in line with the local market.

 

6. What does your lease look like?

• Ensure you see a sample lease. Most companies will use the local association of realtors lease, which has been drafted by attorneys to comply with local laws, property codes and protect the landlords legal exposure.

 

7. What is your late rent policy?

• Ask if they keep the late fee or pass it along to the owner.

 

8. Do you perform regular property inspections?

• You want to ensure regular inspections are performed to catch issues before they get out of control. What do they check and how often are they performed?

 

9. What percentage of tenants do you have to evict?

• Generally great property management companies will mostly evict tenants they have inherited, as they did not perform the screening.

 

10. How does the eviction process work here?

• Tenants should be aware so they are not found in the wrong foot. 

 

11. What are your management fees?

• Most companies charge a percent of the rent and some will charge a flat fee. 5% to over 10% management fees which is common in the industry.

 

12. Are there any other fees (cancelation, eviction, renewal, marketing, account setup)?

• Make sure the company does not entice you with a low management fee and then heap other types of fees and charges.

 

13. What do you charge for finding a new tenant and leasing the property?

•  You will see flat fees and from 50% to 100% of the first months’ rent for a leasing fee. 

 

14.  Do you charge a fee when my unit is vacant?

• Confirm the company does not charge a fee when your property is vacant.

 

15.  What are my guarantees?

• Can you cancel your contract with no fees if you are unhappy? Are there any guarantees if my tenant breaks their lease?

 

16.  If I decide to sell my property, do I have to list it with you?

• Some contracts state you have to use your management company's broker to sell your property if you decide to sell while under contract.

 

17.  How do you market your properties?

• Make sure they list your property on the real estate websites and put a sign in the yard at a minimum.

 

18.  How do you screen prospects?

• Ensure in-depth credit, criminal, employment checks are performed. What are their screen requirements and approval process?

 

19.  Can tenants pay rent electronically?

• Ensure tenants can use latest online tools for their convenience. 

 

20.  How much do you charge for a rental appraisal, maintenance or repairs?

• If the answer is yes then ask how do you justify that when you charge a management fee as well?

 

21.  How long do you make leases for?

• Usually in Bangalore, leases are prepared for 11 months.

 

 

22.  How easy do you make it for prospective tenants to view a property? (can you accommodate prospective tenants who want to view after business hours and weekends?)

• Working professionals may not be able to view properties on weekdays.

 

23.  What is your procedure for dealing with arrears?

• This should be known to the tenants.

 

Visit www.sangau.com for more details.

Email: enquiry@sangau.com

Call: +91 7816 988 988 / +91 78997 48170