Do you have an investment in a different state or neighborhood than the one you live in? Are you looking for a qualified property manager?
In today's real estate market, hiring a property manager is one of the smartest moves you can make. They can handle day-to-day repairs, rent collection, and screening of prospective renters so you can focus on broader matters.
Yet what should you be looking for in a local property manager, and how can you be sure you're hiring someone who will do an excellent job?
Let's take a look.
1. Experience With Property Types
Different rental types come with different common problems. For example, if your property is an apartment building, you'll want managers that are used to issues with radiators or stopped toilets. If your property is a single-family home, you'll want to look for a manager who is familiar with landscaping issues.
Similarly, commercial properties such as office buildings and retail spaces are different. Someone with experience will know about the kinds of improvements you can make in order to maximize your profit.
Before you hire a property management company, make sure you ask them about their areas of specialty. In some cases, you can get this information simply by looking at their websites.
Property managers are a must if you own a property that requires rent collection, regular maintenance, and inspections. You can also have your manager handle issues such as screening prospective tenants and overseeing evictions. This is especially helpful if you live in a different state or neighborhood than the property itself.
The right property manager for you will be able to handle all of the day-to-day goings-on in your type of property. If you want to find out more about their experience, ask them about possible scenarios and how they would handle them.
For example, what if a tenant is delinquent on their rent and refuses to move out? Or what if a neighbor complains about the noise in your tenant's home?
An experienced property manager will be able to supply concrete examples of similar situations that were handled successfully.
2. Knowledge of Your Local Community
A property manager who knows what's going on in your community is key, especially if you aren't residing in your property's neighborhood.
Your property manager should know about the rent being charged by your competitors. They should be aware of local amenities and job opportunities. And they should have relationships with local vendors and repair people who can help keep your property functioning at its best for a reasonable price.
Before you hire a property manager, ask them for details about the property's neighborhood. The right one will give you confidence that they are a local expert.
3. Highly Organized
Many of today's property managers handle problems through an online management system. Tenants will expect all of their repairs and complaints to get addressed in a short period of time. Even if the manager can't get to the property right away, your tenant will appreciate knowing when to expect them.
The right property manager won't let any problems slip through the cracks. They will respond quickly and keep their time organized. This will help you to attract and retain the best possible tenants.
4. Accounting Knowledge
A great property manager will lend themselves to more than just rent collection. They will be able to understand financial statements and accounting, as well as how to maximize your profit.
Strong property managers may be able to suggest small repairs or rent collection techniques that will save you time and money. They may also know what renters in your area are willing to pay more for.
If you aren't sure how to locate a property management group with the right financial background, you may want to enlist the help of a CPA or other financial professional when you're searching for one. They will know what questions to ask to ensure that you're property manager is qualified.
5. References and Reviews
When you are seriously considering a property management firm, ask for the names of references you can speak to. These individuals should be both landlords and tenants. Don't be afraid to ask questions.
Was the property manager tough when they needed to be? Were they able to keep strong records? Were they quick to respond to tenant complaints and concerns?
In addition, you can perform a basic online search and look for reviews of the company. While anyone can get a poor review sometimes, you'll want to be on the lookout for patterns that could raise red flags.
For example, are a lot of former clients saying that the manager was disorganized? Do many people mention that they were slow to respond to repair requests?
On the other hand, a pattern of similar positive comments can let you know that you're making a good decision. Are a lot of renters mentioning how easy it was to work with the company? Do many landlords say they would hire them again?
Excellent references and reviews can be a confirmation of a good instinct when it comes to hiring a management company. You can find them on review sites as well as the company's website.
Finding a Property Manager
It's important to do your homework when looking for an excellent property manager. The right professional will be organized, professional, and trustworthy. You can look forward to earning profits from your investment for years to come.
Don't stop getting smart about property management now. For qualified professionals in your area, contact us today.