Are you an absentee homeowner dealing with the day-to-day stress of remotely managing a property? Do you want to maximize the profitability of your investments without sacrificing all your precious free time? If you answered “yes” to either of these questions, it’s time to consider hiring a property manager.
A good property manager can be one of the strongest assets in your real estate portfolio. They have an in-depth understanding of the industry, an uncanny ability to navigate tricky tenant situations, and the organizational skills to keep everything running like a well-oiled machine.
But here’s the catch: not all property managers are created equal. You need to find the right one to harness the power of their skills and services. That’s where our 13 tips come in. Follow our advice, and you’ll be well on your way to finding the perfect property manager to take your investments to the next level.
How a Property Manager Can Help
Hiring a property manager can be one of the smartest decisions you make as a homeowner, particularly if you’re an absentee property owner. With a qualified property manager, you can offload much of the day-to-day responsibility of owning and operating your rental property onto someone else, freeing up your time and energy for other ventures.
So, what does a property manager do?
Put simply, a property manager is responsible for managing the day-to-day operations of your rental property. This includes everything from tenant screening and lease agreements to rent collection and maintenance requests. They’re also there to handle any legal disputes or tenant issues that may arise, taking the burden off of you as a landlord.
You’ll also enjoy many added benefits with a property manager on board. For example, your property manager will understand the local rental market and be able to advise you on how to price your rental property to stay competitive. They’ll also help you screen tenants effectively, ensuring that you attract high-quality tenants who will look after your property and pay their rent.
Ultimately, a property manager can be your secret weapon as a landlord, taking on the day-to-day tasks of owning and operating a rental property and freeing up your time and energy to focus on other areas of your life. If you’re an absentee property owner or simply looking to simplify your life as a landlord, consider hiring a property manager today!
Tips for Hiring a Property Manager
As you can (hopefully) see, hiring a property manager can be a game-changer, but finding the right one can be tricky. Don’t worry; we’ve got you covered with 13 expert tips to help you choose the perfect property manager for your investment. We’ll cover everything you need to know, from their qualifications to their communication skills.
1. Understand Property Management Services
When hiring a property manager, it’s crucial to understand the scope of their services. A property manager typically handles everything from rent collection to maintenance requests for property owners. They also amass knowledge about the local market, pricing, and tenant laws.
Hiring a manager who’s familiar with these services gives you peace of mind that everything is taken care of. It also ensures that your investment is being managed as efficiently as possible. Understanding their services also helps determine if their pricing is reasonable and transparent.
2. Look for Someone Local
Just because you’re not around much doesn’t mean that’s okay for your property manager. Hire someone who understands the local market. Local property managers have a better understanding of the community, including rental rates, local regulations, and property values.
Plus, they can easily access your property in emergencies and are familiar with the local vendors, repair shops, and contractors. Additionally, local property managers are generally more accessible, as they’re just a short drive away. This means faster response times when something comes up and less hassle should you need to schedule a property inspection or meeting.
3. Prioritize Those Who Prioritize Organization
Being organized is an important quality for a property manager to possess. It helps to ensure that tasks are completed promptly, budgets are maintained, and communication with tenants and property owners is efficient. An organized property manager can keep track of rent payments, maintenance requests, and vacancies with ease.
This not only makes their job easier but also ensures that tenants feel heard and valued. Additionally, organizational skills are a sign of attention to detail and professionalism, which can help to attract potential clients and earn the trust of current ones.
4. Look for a Proven Track Record
When managing your property, you want to ensure you work with someone who knows what they’re doing. That’s why looking for a property manager with a proven track record of success is crucial. But what should you ask them to verify this?
Start by asking about their experience in the industry and how many properties they’ve managed in the past. Get references from other property owners they’ve worked with and ask about their satisfaction levels. Also, check their online presence, read reviews from other property owners, and see if their website reflects a professional image.
5. Ask Specific Questions
It’s important to ask specific questions about property management to avoid potential problems down the line. Some key questions to ask include:
- How many years of experience do you have managing properties?
- What types of properties have you managed before?
- Can you provide references from other property owners you have worked with?
- How do you handle maintenance requests from tenants?
- How do you screen potential tenants before leasing a property?
By asking these questions, you can better understand the property manager’s approach, experience, and qualifications. Don’t be afraid to ask tough questions, either. A good property manager will happily provide detailed and honest responses that give you confidence in their abilities.
6. Inquire About Vendor Relationships
This is one thing most homeowners tend to overlook. However, as a homeowner, it’s vital that you hire a property manager who has strong vendor relationships. These relationships are essential for maintaining and repairing your property to its maximum potential.
A good property manager will have established connections with trusted vendors and contractors who can provide timely and quality services for your property. This means that when something needs to be repaired or maintained, your property manager can quickly call a trusted vendor to get the job done right.
Plus, having established relationships can often result in better pricing and more efficient service. It’s a win-win all around.
7. List Your Expectations
By now, you’ve hopefully decided on a few potential property managers to interview. But hold up, have you considered listing your expectations for a property manager? If not, take a step back and write those down. It’s crucial to do so before you start interviewing candidates.
Why? Because the whole point of hiring a property manager is to free up your time and reduce stress. If you don’t list what you need and want from them, how do you expect them to deliver your desired results? Listing your expectations will help you find the right fit and, most importantly, help make your life easier.
8. Read Online Reviews
When choosing between various property management companies, reading online reviews is crucial. Don’t just take the company’s word for it. Find out what their previous and current clients have to say. Look for reviews that discuss the level of communication, the responsiveness of management, and the overall satisfaction of tenants.
Pay attention to any red flags, such as complaints about maintenance or lack of transparency. It’s also important to consider the number of positive versus negative reviews. A few negative reviews can happen to any company, but if most reviews are negative, it’s a sign to steer clear.
9. Ask for References
If the company’s reviews aren’t public, ask for references apart. They should have at least one or the other (preferably both!). Why check references if their reviews are public?
Well, for starters, it gives you a chance to hear directly from someone who’s worked with the company before and get an idea of their experience. You can find out how responsive they are to tenant needs, how well they maintain properties, and whether they’re good at resolving conflicts.
Plus, talking to references can help you avoid any surprises down the line. You’ll want to steer clear if a company has a reputation for being unprofessional or neglectful.
10. Consider Personality
When looking for a property manager, it’s not just about their qualifications and experience. That’s incredibly important, sure. You want to ensure they understand real estate trends and how to effectively manage properties.
However, you also want to have a good relationship with them, which means personality plays a big role. You don’t need to be best friends, but some level of compatibility will make the working relationship smoother.
A property manager who is friendly, communicative, and personable will be easier to approach and talk to if any problems arise. Plus, a good personality often translates into good customer service skills, which can help attract and retain tenants. So don’t just look at their resume. Consider their overall demeanor and character when making your decision.
11. Ask for Referrals From Other Homeowners
It’s also totally fine to ask for referrals from other homeowners when searching for a property manager, and it can actually be one of the most effective ways to find a great one. When you’re talking to other homeowners, you’ll want to ask questions like:
- How has the property manager handled maintenance issues?
- Have there been any tenant-related problems?
- How responsive are they to communication?
These questions will give you a good sense of the property manager’s overall effectiveness and whether they’ll fit your needs well. You can also ask for recommendations from trusted friends or family members who own investment properties.
12. Join Your Local Real Estate Association
If you’re struggling to find a trusted property manager for your rental, consider joining your local homeowner’s association. By joining this group, you’ll gain access to a network of property owners who may have recommendations for reliable property managers.
In addition, homeowner associations often offer resources and training for managing rental properties, which can help you make informed decisions when choosing a property manager. Plus, by actively participating in the association, you’ll get to know other property owners in your community and learn about any local regulations or ordinances that may impact your rental property.
13. Interview Multiple Candidates
Finally, don’t be afraid to take your time. Don’t just go with the first one you meet with or the one with the lowest fees. You need to make sure you find the right fit for you and your property.
Start by asking about their experience in the industry and with properties similar to yours. Don’t be afraid to ask for references and follow up with them. You want to make sure they have a good reputation and are reliable.
You should also ask about their management style and how they handle conflicts with tenants. As mentioned, finding someone who is approachable and easy to communicate with is important.
In addition, make sure to ask about their fees and what services are included. Some property management companies may offer additional services, such as maintenance and rent collection, while others may charge extra.
Overall, taking the time to interview multiple potential property managers and property management companies is key to finding the right fit for you. Don’t rush the process; ask all the necessary questions before making your final decision. We promise it’ll pay off in the end!
Get Property Management Services
In conclusion, hiring a property manager can save you time, money, and stress. With these 13 tips in mind, you’ll be able to find a trustworthy, knowledgeable, and reliable property manager who can take care of your investment.
If you’re looking for professional property management services, we’re here to help. Our team of experts is here to help you easily manage your property. From tenant screening to maintenance and repairs, we’ve got you covered.
Contact us today to explore our services and see how we can help you achieve your real estate goals. Don’t wait. Let’s work together!