Are you finding it challenging to manage your own rental properties? Perhaps you own multiple rental properties, lack time, or don’t live near properties. Or maybe you’re just not interested in hands-on management, and you’re willing to pay a fee for someone else to do the work.
If yes, it’s time to hire a property manager.
Every property owner can agree that managing a property is not plain sailing. Well, you’ve got so much on your platter, from finding tenants, collecting rents, receiving complaints, and more. This can be both overwhelming and challenging, especially for new landlords.
But do you know you can have someone else do the heavy lifting? Yes, hiring a property manager means a professional adept with the process will be managing your properties. This translates to reduced stress, lower tenant turnover, and qualified tenants due to screening.
But to enjoy these benefits and more, it’s imperative to select the best property manager. And with numerous options for property managers out there, picking the best can be overwhelming.
To help you out, here are 8 things to look for when hiring a property manager.
1. Ask For Referrals
In the US, there are almost 300000 property managers. Well, navigating through all these options to find the perfect one can take you months. In making the task easier and faster, it’s important to have a headstart before you begin shopping for a property manager.
This is where friends, family or other landlords who have worked with a property manager before come in handy. Ask them for names of reputable and experienced property managers they know of or have worked with. This gives you several names to vet during your search, significantly narrowing down your options.
2. Check Experience
Experience is one of the utmost considerations when hiring a property manager. It determines whether your manager will collect rent on time find, and screen tenants properly. For this reason, look for a manager with adequate experience in managing properties similar to your own.
Experience in property management depends heavily on investment properties under consideration. For example, if the manager has been handling single-family homes over time, they’re skillful in that specific area. Also, you’ll get key property management tips from them.
To review your property manager’s experience, ask them about;
• the length of time they’ve been into property management
• the number of properties they manage
If they’ve been doing property management for a long and have many homes under their management, they’re experienced. They know how to interact with tenants, advertise properties, and screen tenants.
3. Consider Reputation
Of course, you want to hire a reliable, trustworthy and experienced property manager, right? If so, evaluate the candidate’s reputation before making the hiring decision.
With a reputable manager, rest assured to enjoy quality services because they strive to protect their brand. They value their work and fight tooth and nail to meet their client’s expectations.
To determine the kind of reputation a property manager has, read the customers’ testimonials on their website. Take your time to analyze those reviews and see what other clients are saying about the manager. If you realize that the manager has multiple negative comments that outweigh the positive ones, scratch them off your list.
If you doubt the reviews on the website, you can research further on a better business bureau site. Clients give detailed reasons why they’re happy or unhappy with a specific property manager on this site.
Sometimes online reviews might be inaccurate so take them with a pinch of salt.
4. Good Communication Skills
Hiring a property manager who’s poor in communication is a serious problem. They delay giving feedback, don’t follow instructions. Even worse, they aren’t good at interacting with tenants to maintain strong positive relationships.
Observing them keenly during the interview determines if your prospective manager is a good communicator. Are they quick to respond to your calls or emails? Do they give thoughtful responses?
Also, see if they’re good listeners or they interrupt you while speaking. A property manager that doesn’t listen to you before you hire them won’t get any better after hiring them.
5. Obtain References
Obviously, none of the property managers you come across will tell you they’re inexperienced and disreputable. All of them will market their services to attract as many clients as possible. Therefore, it’s your responsibility to ask for a few references.
Don’t hesitate to call them to get first-hand information straight from the horse’s mouth. Ask them what services the property manager provides to them. Don’t forget to ask about their experiences working with the manager.
If they’re happy and satisfied with the services offered, you can consider the manager. But if otherwise, proceed with caution.
6. Focus on Organization Skills
Property managers have so much on their plates. They need to market properties, address tenant complaints, handle reports and collect rent. Without proper organization, it might be difficult for them to accomplish all of these.
It’s a general rule of thumb to hire a property manager with strong organizational skills. Such managers schedule their work on priorities to ensure none of them is undone. Also, they know how to use softwares designed to help them stay on top of their responsibilities.
7. Consider a Proven Track Record of Filling Vacancies
The ultimate goal of every landlord is to collect huge rental income. To achieve this, they want their rental units to have tenants always. That’s why it’s necessary to hire a property manager who is able to fill units quickly.
Of course, all candidates will claim to be good in looking for tenants to hire. So, ask them for proof of how they managed to pull off that task.
You don’t want to hire individuals who fill vacant by lowering rent. You want a property manager who achieves that goal through solid marketing.
8. Ability to Screen Tenants
Screening tenants is very important and shouldn’t be overlooked. It ensures you’ve trustworthy and responsible tenants within your property. For this reason, it’s ideal to hire a property manager who’s good at screening tenants.
Good managers screen tenants by conducting background, credit, and reference checks.
Hire a Property Manager Today
Managing rental properties can be hectic and challenging. Work with a reputable property manager to make the process stress-free and enjoy your income at peace. However, it’s necessary to choose a reputable property management company to hire.
Here are things to look for when you want to hire a property manager.
Are you looking for a property manager? At Reedy & Company, we got you covered. We are a leading property management company working with local, domestic,96 and foreign investors.
Contact us today to learn more.