A great property manager is a landlord’s best assets. But you need to know how to hire a property manager. Here’s your guide to finding the best property manager.
Choosing to become a landlord means taking on a lot of responsibility. You have to ensure the building is up to code and that your tenants are paying their rent on time.
Many landlords aren’t interested in the day-to-day dealings of owning property. They’d prefer to hand the reigns over to someone who can handle it for them.
Which is why hiring a property management company makes a lot of sense. Rental property management companies can handle everything while you sit back and earn money.
But it’s not as simple as that. If you hire the wrong company, it could cost you a lot of time and money.
To help make sure you make the right decision, here are some tips on how to hire z property manager.
If You Want to Know How to Hire a Property Manager, Learn How to Be One First
One great way to ensure you hire the best rental management services for your building(s) is to learn the business yourself from the ground up. You’ll then know exactly what needs to be done and the proper way to do it.
That way, you’ll know whether the rental management company you hire is doing their job properly. You’ll also be able to spot any issues before they become huge problems.
Often, what you don’t know can hurt you so learn the ropes yourself before you hire anyone else to do it for you.
Join Your Local Real Estate Association
Another great way to find rental property management companies who provide great services is to join a local real estate association. You’ll find there are plenty of other landlords who have already gone through the same experiences.
They’ve already found out which rental management companies hire great employees who are trustworthy. And you’ll find other landlords can help answer questions you may have.
In larger communities, you can find Property Owners Associations. These people will be a great resource for you and you’ll find a lot of support by attending their meetings.
Remember, You Get What You Pay For
Cheaper doesn’t mean better, especially when you’re hiring a property management company. Don’t base your decision solely on the price.
Some companies have lower prices to eliminate the competition. It doesn’t mean they provide good service.
Check to make sure that the property management company offers a wide variety of services in exchange for their fees. Don’t forget to identify all of the fees the management company might charge you.
Then do a comparison against other rental management companies. Before you sign on the dotted line, make sure you know about all types of fees you may be charged and negotiate the best price for their services.
Ask For References
Obviously, no rental management company is going to tell you that they’re going to charge you a lot and then not deliver on any promises. Which means, it’s your job to ask for references.
Don’t be afraid to call up other landlords who are currently working with the property management company you’re considering hiring. Ask the landlord what types of services the management company provides to them.
Check to see if they’ve had any issues or problems with the management company and if so, how these problems and issues were handled. The more you know what you’re getting into, the more likely it is you’ll hire the best company.
Check Their Qualifications
There are certain requirements that rental management services must comply with. They vary from state to state so check with the National Property Mangement Association to find out what the rules are where you live.
The management must be licensed real estate agents no matter where you live because they’re acting on your behalf to lease and manage your property.
List Your Expectations and Ask Questions
To make it easier for yourself and for the rental property management companies you interview, make a list of expectations you have for the company you hire.
That way, there are no unexpected surprises in the future because you’ve already outlined what the expected duties are. But don’t stop there.
It’s possible some companies may not answer honestly so you’ll need to ask a few questions to make sure they know how to handle issues that typically come up.
Ask what their process is for screening applicants. Determine how long it may take the rental management company to fill any vacant units you have.
Have them tell you how many units they are currently managing. This will help you determine if they can grow as you do.
Ask how large their staff is. A smaller company with fewer employees may not be able to handle everything.
Determine their process for maintenance requests and dealing with tenants who don’t pay their rent on time. Lastly, make sure they know how to handle evictions and have experience doing so.
They Possess Good Communication Skills
There are few things worse than going through the process of looking at rental property management companies only to hire one who refuses to communicate with you.
During the hiring process, look to see how quickly they return your calls. Ask how long it typically takes for them to return calls and e-mails.
See if they interrupt you while you’re speaking. A management company who doesn’t listen to you before you hire them won’t get any better after you hire them.
Choose a company who puts your needs first. If you get the sense that they are more interested in your money than delivering the best service, keep looking until you find a property management company who puts you first.
Work With Us
Now that you know how to hire a property manager, we hope you consider us. We’re a full-service property management company who charges a flat fee.
We also manage everything from single-family homes to multiplexes. To learn more about how we can make your life easier, click here to learn about what services we offer.