Renting your space through a property manager can make your life a thousand times easier. Before you hand your keys over just anyone, you might want to ask a few questions.
We asked full-time broker and property manager Debbie Putz, of Village of Pinehurst Rentals, what you should ask someone you’re thinking about hiring as your property manager.
1. Is the tenant screening process thorough? You definitely don’t need 52 cats taking up residence in your super cute garden villa.
2. Is your agent well-versed with the required forms? Can he or she explain these concisely to a tenant?
3. Do you know my rights, or the rights of my prospective tenants? Yep — you have rights as a property owner and the tenant has rights, too. Your broker should be well-versed in those rights.
4. How will I make money? Correct and fair pricing, obviously. It’s crucial that your agent prices your property correctly so you can get paid. It’s also important to understand how rent will be and who’s collecting the rent. Important stuff, y’all. Your broker should be able to explain this thoroughly.
5. Who’s dealing with maintenance? You know, like when your tenant wakes up at 3 a.m. to find a broken pipe that’s turning the laundry room into a splash pad? If you’re being taken care of by Village of Pinehurst Rentals, you’ll have nothing to worry about.
6. Is there an online owner portal? Will I have access to information all the time, anytime? You will with Village of Pinehurst Rentals.
7. What kind of paperwork will I receive at the end of each year? Your property manager has to provide a 1099 form for tax purposes. It’s the law. You will also be provided with a P&L, which eases tax time.
Ok, so what’s the takeaway? Experience matters, and your investment deserves full-time representation. Choose wisely.