A good property manager has your best interests at heart. They serve as your expert adviser who helps you handle tasks such as screening and selecting tenants, setting rent, lodging bond, handling disputes and more.
Here are quick tips to help you choose the right property manager and get the most out of your relationship.
Do Your Research
Not all property managers are created equal. The real estate industry is a big business generating billions of dollars each year. According to IBISWorld, the real estate services industry in the U.S generates $77 billion dollars every year and employs over 781,990 people. It also supports 263,580 businesses.
With so many to choose from, it’s important that you do your homework and choose only the best. When conducting your research, you should look at metrics such as:
- The reputation of the agency they work for
- The resources they have at their disposal
- The history of the agency
- Their familiarity with the local market
- Their customer reviews
Your property manager is someone that you’ll be in constant communication with throughout your relationship. A good manager should be generous with their time when explaining and clarifying issues pertaining to your property.
The manager should also be able to communicate effectively with your tenants. A good manager should always keep the lines of communication open.
Property Manager Experience
Your property manager must have experience with the business of property management. This is essential in order to maximize your rental returns and occupancy rates. Ask your property manager questions such as:
- How long they’ve been in the property management business
- How many properties are under their management
- How often do they usually conduct an inspection
- How long do they take to find tenants
- What do they do when tenants fail to pay rent on time
As a rule of thumb, it is always better to look at large agencies when hiring your manager. This usually guarantees that most of the agents:
- Have the skills needed to be a property manager
- Have undergone rigorous training
- Are Experienced
- Are aware of the industry standards and legislation
Ask Property Manager About Their Marketing
One step to being successful in property investment is renting out to tenants. As such, it’s important to have a property manager well-versed in this regard. The property manager should have a large tenant base and a professional marketing team.
When broaching the topic of marketing, ask why they think their marketing strategy is better than those of other agencies and how they intend to do it.
Focus On the Relationship
Choose a property manager that you feel comfortable working with and one that’ll treat your property like their own. While this may seem irrelevant, the fact is they’re managing what may be your most treasured asset.
If your relationship is strong, you’ll feel completely comfortable keeping in contact, raising issues, and asking questions. Additionally, if your property manager feels like you completely trust them, they’ll most likely go above and beyond to help you.
A good property pays attention to details. For example, laws on fair housing and handicap accessibility are always changing. Your property manager must, therefore, stay current on amendments to local building codes and ordinances, and federal or state laws.
Also, your property manager should be keen on performing regular inspections. Regular inspections help keep tabs on the condition of the property.
No one is perfect, and property managers are no exception. You should give your property manager ample time to adjust to your requirements, as well as those of your tenants. Help them adjust and ensure that you give them feedback for the services rendered.
This ensures that you get the best possible service from your property manager, as you’ll be able to quickly work out any kinks.
A property manager is someone you’ll be constantly interacting and communicating with. That’s why you should only look for one that has the best skills. Besides checking their educational credentials, you should also ask for references and check their social media.
Author: Joel Sidaka