It is a huge decision, hiring someone to manage your investment and so it is essential you do the necessary research before committing to one. Just some of the vital qualities to look for are honesty, organization, and experience. Take a look now at six suggestions that will be of great help in finding your property’s best fit.
From Different Sources, Get Referrals
Word of mouth is tip number one to find a property manager. You can get some great options by talking to other property owners in your area and also by talking to local real estate agents in the community.
Getting a list of property management companies and property managers that they are currently using or have previously used can be of great help. It is also important to ask about any problems or issues they may have had, as well as just what they have been happy with.
Keep in mind that a referral can be biased. This makes it vital that you seek out various sources of referrals. If you continue to hear multiple times the same thing regarding a property manager, chances are far more likely that it is indeed true.
Conduct An Online Search For A Property Manager
Doing your research online is so important. There are websites like AllPropertyManagement and T-Rex Global that permit you to plug in the location of your property, and it’s size, and they will then generate a listing of property management companies that will be in that area.
You will also want to go over a company’s reviews on sites such as https://www.yelp.com/about and even Facebook, before making any arrangements to interview a property manager.
Still another principal source is the Better Business Bureau where you can see if a company has complaints filed against them and also just what kind of a rating it has.
Very often, conducting this research will allow you to come across some of those companies you may have also received referrals, and this will give you, even more, information about them.
Look At Their Current Work
Take a look at some of the current rental ads being run by the property manager. Are they compelling, professional and free of any statements that are discriminatory? Do they place ads in a variety of different places or just on free sources such as community bulletin boards and perhaps Craigslist?
Look at the actual properties that are managed by them. Are they well-cared for and clean?
Speaking to the tenants that are currently managed by them can be an excellent source of revealing information. The tenant’s opinions are so important because property management is about keeping both you and your tenants happy and satisfied.
Do the tenants feel as if any complaints they might have are being adequately addressed? Just how long does it take for a maintenance issue or a repair to be completed? Is the building overall noisy? Is the tenant considering signing a new lease? If not, just why? All of these inquiries will give a clear indication if the tenants are pleased with the performance of the management team.
You should also ask to see an example of the monthly report furnished to you by the management company.
Several Property Managers Should Be Interviewed
Interviewing several different property managers is tip number four. It is just so important that you take the time to do this so that you can come up with the one that you are the most comfortable and at ease within trusting the management of your property.
You will quickly be able to separate the bad from the good when you interview several different potential managers. You will also quickly see those with a solid plan and real knowledge of just what they are doing. That property manager who is consistently placing tenants and within a short period seeking to evict them is apparently one that is just not good at screening them.
You also want to find the candidate who is not dismissive of your questions, but instead is receptive to them. The truth is that if during the interview, they are not putting their best foot forward, things are only going to go downhill if permitted to manage your property.
You should ask questions about their experience and education, fees charged, services provided and whether or not they have a good understanding of the tenant-landlord law.
Check Out Their Certification And License
The majority of states require a property management license or a real estate broker’s license be held by a property manager/management company to show vacant premises. To see if their brokerage license is active, you should check with the Real Estate Commission of the state in question.
Also, you will want to know if the manager or company is certified with a trade organization like the National Apartment Association(NAA), the Institute of Real Estate Management(IREM), the Community Associations Institute(CAI) and the National Association of Residential Property Managers(NARPM). Certification is offered by these companies after a robust training program has been completed. Their going through this process will indicate to you that they are indeed committed to correctly handling their job.
Of course, your instincts should also be trusted, making it so necessary that you are comfortable with the choice that you ultimately make.
Look Over Their Management Agreement
The responsibilities of both the property manager and the property owner should be defined in the management agreement.
You will want to pay close attention to the sections on provided services, responsibilities of the owner, extra fees charged, hold harmless clause, compliance with fair housing laws and any reason for cancellation.
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