What if you could ask your property manager three simple questions and the results would tell you how well your management company is treating your property, and your wallet?
Don’t have a manager? Of course you do. It’s you.
So give yourself an honest grade with each question. If you need to shore up, take action to improve, and feel good about sharpening your management skills.
Every so often, as the owner of a management company, I get a question from an owner that causes me to think, “That’s not just a good question, it’s an excellent measure of how well my property management team is performing.”
So here are the top three questions that serve as excellent gauges of property management performance, and which you should be asking your property manager:
1) “How fast did you turn my last unit?”
Ask this question – actually ask all three of these questions – in a way that requires a precise answer. After introducing the topic, you want to get more specific by learning dates. You can say something like “Let’s look at what day the last tenant moved out and the date the next tenant moved in.” Then, count the days between.
This is powerful and telling because the answer to this specific question reveals additional measurements. It takes into consideration how fast the manager made necessary repairs. It brings up the issue of how quickly and effectively the property was advertised. And finally, how fast did all your work – the repairs and advertising – pay off in the form of a new tenant’s rent check? If you like, you can also ask them how they arrived at the price at which to market the unit. Did they do a rent survey to see what price other similar units were being marketed at, or just go with what the same rental rate they had in the past?
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