If you decide to invest your hard-earned money into a property, realistically speaking – you’re probably making a good long-term investment. However, if you definitely want your property to bring you the highest possible returns with minimal fuss, you’ll need to choose a property manager that can do the job right. And sure, you could always manage the property on your own – but this would take away a lot of your time that could be better spent elsewhere. Plus, if you’re not a professional property manager, there are bound to be many things that a true pro could do better. With that in mind – here are a couple of tips for choosing the best person for the job!
So, you want to choose a property manager who will be able to make your property more valuable by making the maintenance of the property as efficient as possible. That’s a worthy goal to aspire to, but keep this in mind – the most important aspect of the property manager’s job will be to manage the rental aspect of the property.
And considering that you definitely don’t want to pick someone who doesn’t have the required local knowledge. You want someone who will be adept at attracting the right kind of tenants – and someone who knows how to set the rent just perfectly. That’s why we recommend finding a property manager who’s a local and has all the right connections; coupled with extensive knowledge of the local market.
But now that you know you want to choose a property manager who knows his way around the town; how do you find one? Luckily for you, this is the Digital Age! Meaning that anyone with a couple of hours to spare and a proper Internet connection can find more than enough info regarding property management services in their own city or town. While doing this, make sure to gather different opinions from as many online reviews as possible. After all, when it comes to professional property managers, you’ll want to hear what experiences the rest of the investors have had with them.
Word Of Mouth
Certainly, learning from other people’s experiences is important while embarking on the quest to choose a property manager worth their salt. But while taking advantage of the Internet is important; there’s also something to be said for word of mouth.
At the end of the day, you really won’t need any reference more reliable than those you’ve heard in direct conversation. It’s definitely a trustworthy form of feedback, as you can immediately tell if a person is looking at the situation subjectively or not; independent of any paid advertising that you may be running into online. This way, you’ll truly find someone who will be able to handle everything from repairs and maintenance to tenant management.
Asking The Right Questions
Speaking of advertising; watch out for companies that sound much better on paper than they really are. These days, you’ll find companies who’ve made a big one-time investment into a snazzy website; but are not true professionals in reality. That’s why you want to ask your potential property manager as many questions as you can, in order to ascertain whether they’re up for the job. Don’t worry, we’ll give you a rundown of some of the things you should ask below.
Consider The Cost
Naturally, any kind of additional expense you plan to add to your investment should come only after heavy scrutiny. You don’t want to be spending your money left and right, after all. And that’s definitely true when you’re about to choose a property manager as well. That’s just one of the ways you’re going to invest in your property to make it more valuable in the long-term. Still, make sure you consider all of the expenses thoroughly.
What To Ask A Property Manager
So, what are some of the above-mentioned questions that you’ll use to see if your candidates are up to snuff? Here’s a couple of things you should know while you are trying to choose a property manager. First of all, you want to know about their qualifications. After all, you need to be certain of the experience your property manager brings to the table; there’s a difference between a manager who has a certification of registration and one who is a licensed manager.
Secondly, ask them how many properties they manage. This is important, as it will give you an idea of how big a property management agency is; which in turn tells you about their service levels and experience. Though, on the other hand, think about whether a huge agency will give your property the individual attention it needs.
Thirdly, talk about how big their commitment to best practice is. See if you can get them to provide you with an overview of their business model; that way you’ll know just how good they are at running things. Also, ask them how they differ from other competing agencies in terms of services. You want to know what kind of edge this property management agency provides.
Most importantly, though – you’ll need to learn about their tenant management strategies. Firstly, just how do they attract potential tenants? What kind of marketing strategies will this agency employ? And once they’ve got a couple of candidates for the property, what is their selection process like? After that, you’ll want to hear how they work on keeping a good tenant once they’re in the property.