The ABCs of Getting a Mortgage Loan for First-Timers

Posted on: 10 February 2021

If you own a rental property, there is a big time commitment on your part when you manage the rental. From screening tenants and maintaining your property, you can easily spend all of your extra time there, which may not be ideal, especially if you also work a full-time job. However, a property manager is a great partner for your rental investment, just as long as you hire a successful one. Here are some recommendations to help you find and work with a great property manager for your investments.

Expect Regular Communication

When you are shopping for a property manager, you should ask them how they will communicate with the tenants. As you will give them a big part of managing your rental investment, you should know when to find out about updates on the financial end of the management and what is going on with your tenants. For example, your property manager should provide you a monthly statement providing details about the rent income received and any expenses the property has accrued. This will tell you if your tenants are paying their rent on time and if they have reported any maintenance issues.

If your property is vacant, you should get regular details about the property's status and if any residents have applied for the rental and the status of their tenancy application. This will give you a good idea about how the marketing for your property is going and what efforts the property manager is putting into renting your apartment. 

Ask About Their Tenant Screening

Another question to find out from a potential property manager is the process of their tenant screening. They should require a tenant application and complete a background and credit check on all adults applying to live in the apartment. Your property manager should have a credit check process and screening evaluation to determine an applicant's process to get approved to move in. 

You don't want your property manager to allow a renter into your unit just to have someone in there. The reason for this is if the tenant ends up not paying their rent, it can cost you more in the eviction process than if the unit would have been vacant for another week or two. 

Ask the property manager about their screening process and what type of information they require from the tenant and what checks they will complete. The application process should require a tenant to prove their income and employment along with giving permission to view their credit report and complete a criminal background check. For more information, contact a property management company.