I’m looking at hiring a property manager, what are some of the questions I should ask?
So you’re thinking about purchasing real estate in Idaho. Whether it’s in Boise, Meridian, Eagle, or Nampa, you’re probably doing a lot of research and thinking about what you’ll need your new Idaho home to be and what your situation will look like. You may be looking at purchasing just a summer home or a place where you can vacation from time to time. Depending on what you’re looking for, you can find whatever you need to suit your interests in Idaho. But if you’re interested in purchasing a home in Idaho that you won’t necessarily be living in full time, you may be looking at hiring a property manager. If this is the first time you’ve hired a property manger, you’re probably thinking – what are some of the questions I should ask?
There are several questions you’ll want to ask when interviewing a property manager and researching what his or her function will be. First of all, you’ll want to think about what you’ll want the property manager’s responsibilities to be while you’re not actually living in or around your Idaho home. Especially if you’re planning to rent out your Idaho home while you’re not living there, you’ll want to outline what the property manager’s duties are. Most commonly, a property manager will be the liaison between you and your tenant. A property manger often collects rent, takes calls from the tenant, arranges for repairs and then sees that the repairs are done properly. He or she will also be the person who sends notices to the tenant for lateness or nonpayment of rent and proceed with necessary evictions. In addition, the property manager will also contact you and get your approval for major expenses the tenant requests and will inspect the property occasionally to make sure everything is up to par and working properly.
When you begin the interview process for a property manager, you’ll want to set up a rate for the property manager that will be the portion of the rent the tenant pays. Most often, it’s usually a minimum of 5% up to a total of 10% that the property manager takes from the amount of the rent. Some property managers will charge a set-up fee for trips to a property and for advertising the house. You’ll want to call property managers in advance to find out their fees before you meet with them so you’ll have all the facts.
Above all, after researching fees and the percentage the property manager will want to take off the rent, you’ll also want to ask for references from the property manager and check those references thoroughly. Nothing would be worse than making an agreement with a property manager and it not working out to your satisfaction, especially when you there are tenants involved. Be sure to do all your research carefully so you’re happy with the property manager you choose for your new Idaho home.