If you own a rental property, you’ve likely considered hiring a property manager to take care of its needs. Property managers let you relax by handling the daunting tasks involved in renting out a property, including tenant selection, maintenance, lease agreements, and repairs. They also make sure tenants pay rent on time, and they manage the property’s finances. Not all property managers have the same qualifications, however, and you’re probably wondering what attributes make a good property manager. Well, here are several things to look for in your search for a property manager.
Amount of Customers
Property managers who don’t have many customers may have trouble managing properties. Quality property managers can keep and maintain a large customer base. A large customer base also likely means that the property manager will have good connections with local contractors. They may even receive special deals on maintenance and repair work.
Level of Experience
Experienced property managers make decisions that benefit landlords, while new property managers make mistakes as they learn. These mistakes can end up costing landlords money in certain cases. For instance, a newer property manager might call in a highly educated, expensive contractor for a maintenance issue that doesn’t warrant that level of expertise.
Licenses And Certification
Property managers should have real estate broker’s licenses. You can check with your real estate commission to make sure a manager’s license is active. Certifications with trade organizations, such as the National Association of Residential Property Managers or National Apartment Association, indicate a dedicated professional with a high level of expertise.
Testimonials, Reviews, And References
A property manager’s website with many positive testimonials is a good sign. You can also look for reviews elsewhere online, and don’t be shy about asking for references. You’ll gain a more accurate picture of the property manager by speaking with other landlords who’ve used that manager.
Formal Procedures For Screening Tenants
Property managers should perform background checks on potential tenants. They should use a formal screening procedure in which they also check references and credit. This filters out tenants with a past history of evictions or other troubles, which will save you much hassle.
In attracting tenants, property managers should use an advertising strategy that reaches wide audiences. Find out how the property manager handles advertising to ensure your property will gain sufficient exposure. Your listing should appear on all major websites, including Trulia, Zillow, and Realtor.com.
Responsive Customer Service
Although property managers are busy, they should make time to speak with you when the need arises. If they’re rushing you in your interview with them, you can expect the same sort of treatment throughout your business with them, which isn’t a positive. You’ll want to make sure they aren’t too overwhelmed to care for your property and communicate adequately with you.
Specialty in Property Management
Choose a property manager who specializes in property management and not one who treats it as a side business. Many real estate agents do property management on the side, but since that isn’t their main focus, landlords often have longer vacancies with these managers. Some may even neglect to address repairs and tenant concerns in a timely manner.
Written Inspection Agreement
Your property should receive regular inspections from the management company. Make sure to get the inspection schedule in writing. The property manager shouldn’t express hesitance to commit to an inspection schedule or ask for higher fees.
Property managers should give landlords management agreements that clearly define the responsibilities of owner and manager. Examine this contract to make sure all terms you discussed appear in writing on it.
The Landlord Property Management Academy is the leader in the world of property management training. We offer a Professional Property Management online certification and one-on-one coaching for property management. Our book is an official resource for property management in the U.S. Library of Congress. To learn more about property management training or finding a quality property manager, please contact us.
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