Your rental property is your source of income and lifetime achievement. That is the reason you need an experienced and competent property manager to manage it. This is particularly important if you are not located near to the property or properties or the tenants are not able to provide a level of assistance when maintaining the property. It is important to note for landlords that when you get a wrong manager, you will have frequent vacancies and revenue loss from the monthly rent.
What are the Useful Tips when sourcing for a Property Manager?
Get Referrals from Friends and Colleagues
Start by talking to people you trust; it is a great way to secure a property manager with vast experience. Ask your family members and friends; they can direct you to realtors, property owners, contractors, and their real estate network. It is advisable not to blindly take their referrals but ask questions to know more about the referred property manager. Seek information from different people since one viewpoint is not adequate.
Do More Research Online
It is crucial to do research online. Start by vetting all the property managers referred as you find new ones. Look for websites that can link you up with property management companies in your neighbourhood. When you get a few names, start by checking their company websites, especially their mission statements. Spare some time and look for reviews on the local business bureau, websites and social media platforms like LinkedIn. It is a great way to know of any complaints filed against the company.
Visit the Properties
In commercial real estate, it is advisable to visit the sites and evaluate the property manager. You will have the opportunity to see the size and kind of property they manage and gauge their competence. Look for small responsibilities like trash management around the property and all the repairs needed. Talk to the tenants and know how they feel about the handling of their complaints. Be keen on the time allocated for repairs.
Interview Different People
It would help if you interviewed different managers to secure the best to manage your property. Organize your questions in various categories like their experience and educational background, pay rate, and services. Ask about the hours they will spend on your property and their dedication per week or month. Be keen on their reaction to different questions, are they dismissive or receptive? Has the property manager had any experience of owning properties themselves? Practical experience is almost better than a qualification that anyone can get. Note any question that will make the property manager uncomfortable.
Check their Certifications and Licenses
You will find that most states need property managers to possess legal licenses. It gives them the power to show vacant houses and has confidence when looking for a property manager. Always go the extra mile and confirm if the property manager is certified by a trade organization. Most organizations will offer certification after tough training. It is a great way to gauge their commitment as a property manager since they have spent their money and time on the course. Always trust your instinct; not all managers who have spent money and time are competent; be wise.
Parting Tip
Getting a great property manager will need you to invest your time and do all the necessary research. Remember that the rental property is your livelihood; look for a committed property manager to avoid jeopardizing your investment. Ask for referrals, research more, arrange for sites visits, and interview all the shortlisted property managers. Look for a property manager who will protect your property and help it grow.