To have a successful property rental business, it is essential to have someone you can trust and rely on managing your properties. The property manager needs to be someone who can run day-to-day operations and respond to renter’s needs.
Whether you go with an independent property manager or a property management company, use these steps below to help prepare your for hiring the right person.
This is an excellent first step in finding a property manager. Referrals can give you insights and have greater validity if it’s coming from a person you trust. By talking to other property owners and real estate agents in your surrounding area, you may find some good options.
However, remember that referrals can be biased. So, get many referrals from different sources.
Online Research on Property Manager
Besides referrals, do your own research. You can search online for property management companies. Many websites give you the option to input some data such as your property size and location, then it will generate a list of property management companies near you.
Once you have a couple of options in mind look for reviews. Use websites such as Yelp and Facebook, they offer raw reviews that show the good and the bad. Also, the Better Business Bureau will let you see ratings of the company and any complaints filed against them.
See their work in person
Go to their current clients and see what they have to offer. Look for their rental ads to see if they are professional and compelling. Visit the actual properties and examine to see if they’re clean and well taken care of.
Last, speak with current tenants. Ask questions like “Are your complaints addressed properly and promptly,” “How long does it take to have maintenance issue fixed,” “Do you plan on signing a new lease? Why or why not,” etc.
Interview Property Managers
Get to know your potential hire. Don’t just go off and hire the first person interviewed. It’s best practice to compare and contrast the potential prospects by seeking those who have real knowledge and a proven plan of how to properly manage a property.
You should ask a question about their experience, the services they offer, and if they have a thorough understanding of the landlord-tenant law.
Read all the fine print! Analyze the management agreement to define the responsibilities of both the property manager and the property owner. As well, pay attention to sections about fees charged, housing laws, and reasons for cancellation.
It is essential to understand all aspects of the agreement to know what to expect and how they run their services.