A property manager is your partner in maintaining and overlooking your property. Because this house or that apartment is your investment, exercising a bit of caution in hiring someone is a good idea. There are important qualities that you should look for, specifically honesty, being organized, and experience in the role. Here are also some tips that will help you find the right one.
1. Get Referrals
By asking fellow customers, whether they are real estate agents or other property owners, you will get firsthand information on how reliable the property manager is. While some referrals can be biased, you can cross-reference from different sources and if you see a pattern of satisfaction, then you know this company or individual is truly up to the job.
2. Do Online Research
If you do not have any recommendations from people you know, you can turn your search online. There are websites where you plug in information about your property, like location and size, and you will get a list of property managers. But while you are online, make sure to check reviews about them online. You may even ask the Better Business Bureau to check if there have been complaints about the company.
3. Check Out Their Current Work
You can refer to the rental ads of the property manager you are considering, and you can already get an idea of whether they are professional and experienced. If you see them advertising a few other homes similar to yours, then you know they are capable of handling your property.
4. Interview A Few Property Managers
You cannot hire a property manager without sitting down with them and getting a feel of how they are in person. After all, you will be communicating with him or her quite often regarding your property, and you want to know that they are honest and customer-oriented. You will need someone you can trust, and in this situation, you should trust your gut feeling as well.
During the meeting, ask about the property manager’s experience, like how successful he or she has been in finding tenants and other customers in the past months. You might also want to hear ideas on how he or she plans to advertise your property.
5. Check Their Certifications And Licenses
Depending on your local laws, you will want to make sure that the property manager has the necessary training, certification, and license to operate. You may also call the Real Estate Commission in your state to make sure their broker’s license is still active.
Another plus is being certified by organizations like the Institute of Real Estate Management (IREM) or the National Association of Residential Property Managers (NARPM). They train and certify property managers, so you are assured more or less that they are qualified for the job.
6. Review The Management Agreement
Having a long and deep look at their management agreement will tell you exactly what their responsibilities are. Being clear on the terms, especially on key issues like extra fees, cancellation reasons, and the like, will prevent any misunderstandings in the future. Before signing, make sure that you are in agreement with the division of roles and that your specific requirements were considered.
At the end of the day, your property manager should be someone who has the right knowledge, people skills, and experience to successfully find tenants for your home. By being picky during the selection process, you will find yourself avoiding a lot of headaches in the future.
