3 Questions You Should Ask Your Property Manager

A property manager will screen potential tenants, collect rent and keep you informed of how things are going. When you start meeting property managers, it is important to formulate the right questions so that you know what to expect and how your home will be managed on your behalf.

Should I Include Any Extras?

When your home is listed for rent, you will want it to stand out from the crowd. It is normal to want to recoup enough rent each month to cover your mortgage payments. However, if you set the rent too high, but offer no incentives for tenant to move in, you could be hurting yourself.

Talk to your property manager to find out what other landlords in the area are offering. Some offer free lawn care services, weekly refuse pick-up, or use of their swimming pool. Although these perks can make your home look more desirable, remember to factor in your expenses to see if it would be worth your while to spend upwards of $100 each month to attract and keep potential tenants.

Is it Wise to Ban Pets?

Banning tenants with pets from moving into your home can be problematic. Many tenants will want to come with their four-legged friends. If you refuse to allow any pets you could be lose out, as you struggle to find the "perfect" tenant to move in.

Are you worried in case a dog urinates inside the house? Or a cat decides to use your walls as a scratching post? If so, speak to your property manager about including a pet deposit, which will defray the costs of repairing your home if a tenant's pet causes structural damage to your property. You can even specify the types and breeds of pets you are willing to consider.

How Often Will You Inspect the Property?

One of the biggest fears landlords have is that their property will be damaged beyond repair and that tenants will skip town without paying rent. If you are concerned about what state your home will be in 12 months from now, take steps now to protect your interests. Consult your property manager to see if he will periodically inspect your property to make sure filters are regularly changed, there are no holes in the walls and that they have not carried out unauthorized repairs to your property.

Before you hire a property manager to oversee your property, make sure you have a list of questions ready. Some points to consider include whether you will include any extra perks for tenants such as lawn care services and whether you will allow, or ban, pets. It is also wise to find out how often inspections will be carried out.

More from this contributor:

3 Things to Consider when Shopping Around for Renter's Insurance.

How to Reduce Property Theft: A Landlord's Guide.

What to Look for in a Property Manager.