Hiring a property manager in Spokane is a good thing because it helps you as in investor to maximize rental returns from your properties. However, this does not mean that you should detach completely from your properties and tenants. It is very essential to make sure that your real estate management company provides you with regular updates about your properties and the welfare of the tenants. The following are some of the key questions that you should ask your property manager in Spokane regarding your investment to find out if they are doing a good job.
What is the state of the properties?
This is a very important question to ask the person managing your investment in Spokane to make sure it is in good condition. The company managing your investment should be able to tell you when they lastly inspected your property, what was the inspection report and if they did any repairs. The manager should also assure you that your property is in good condition.
What is the welfare of the tenants?
The company managing your investments should be able to give you an accurate update about the welfare of the tenants. A good property manager should be able to check how tenants are doing and make sure they are always satisfied. The company managing your properties should be able to make sure that there is no tenancy related issues in your properties and no complaints are coming from tenants.
What is the vacancy rate in the properties?
The vacancy rate determines the amount rental income that you will get from the investment. You can tell if the investment is doing well by asking your property manager whether your rental houses are fully occupied by tenants or not. The company managing your investment should be able to give you accurate information about the number of vacant houses, why no tenants have moved in so far and what should be done to attract potential tenants and lower the vacancy rate.
What needs to be repaired or renovated?
A good property manager should be able to advise you accordingly about what needs to be repaired or renovated in your property so that it can gain value and become more appealing to the potential tenants. The company managing your investment should be able to access the property and advise you on what needs to be changed or improved. They should be able to give you an approximate cost of repairs and renovations.
Are there any complaints from tenants?
As a landlord, it is very important to make sure your tenants are always satisfied even after hiring a management company to take care of your rental properties. You can ask the person managing your property if tenant complaints are many or not. If tenants are complaining now and then, then you should know that the person taking care of your investment is not up to the task. If there are no cases of tenant complaints, then the company managing your investment is doing a commendable job.
Are there cases of rent defaulters or late rent payment?
One of the most important responsibilities of a property manager in Spokane is collecting rent and rent deposits. As an investor, you should ask the person managing your property if there are many cases of rent defaulters or late rent payment among your tenants. If cases of rent defaulters are many or tenants have rent arrears, then know that the person managing your investment is not up to the task. A good property manager should be able to collect rent from tenants on time.
How many tenants have left the properties and why?
It is very important to know whether tenants are quick to vacate your property and why. The Spokane Company you have hired to manage your investment should be able to update you on why tenants are quick to leave your property. The property manager should be able to tell whether the tenants leaving the property are doing it willingly, because they are unsatisfied or they were evicted. A good property manager should be able to solve tenant issues amicably and make sure cases of tenant eviction are minimal. If the manager is quick to evict tenants, then that is not the right person to entrust with your investment. If you’re looking for a great Spokane property manager visit www.guenthermanagement.com.
8. Is it the right time to revise rent upward?
A good property manager should be able to advise you on whether it is the right time to increase rental rates or not. You can ask the person managing your property in Spokane this question to see if they are conversant with the market trends and they know the value of your property. The manager should be able to advise you on the right time to increase rent and give you valid reasons to support their recommendations.