10 Things To Keep In Mind While Choosing A Property Manager
Hiring a property manager can save you much time. A property manager can deal with renting out the property, property maintenance, legal procedures (if any) that involve lawyers and many other things. Property managers search for high quality tenants who take care of your property well. They are also good at raising rents periodically, and negotiating rental agreements.
Shortlist a few skilled property managers who are very familiar with the real estate sector, and understand the industry well. Meet them individually.
Here are a few things you need to keep in mind when you hire a property manager:
- Does the company have a dedicated property management department?
Some firms see property management as less important than selling. Some don't have skillful staff who can manage property. So, they won't deliver better property management.
- How focused is the agency on property management?
Find out if the company is skilled in the area of property management and has dedicated people to manage the property efficiently. More important property management is to a company, more likely they are to efficiently manage your property.
- How many years of experience do you have in property management?
Experienced property managers will be able to attract the best potential tenants to occupy your property. They are also skilled enough to handle those are difficult and tricky.
- Ask for a comparison of rental values in the market
A skillful and well-informed agent/property manager will be able to tell you the rates of comparable rental properties on the market. They can tell you how to get the highest returns from your property.
- How do they review potential tenants?
It is important to ask the manager about the process of reviewing a potential tenant. How do they determine whether a tenant fits a property or not? The process may include police verifications, cross-check past rental history, sources of income, present employment status, etc.
- At present, how many properties are they managing at one time?
Apart from you, how many other property owners are they currently representing? It is preferable if the number of properties they manage is less. If they are managing many properties, then yours should be seen as a priority. Make sure that you get all the service and attention required during the property management process.
- If the situation demands it, is the property manager comfortable going to the court with you?
In spite of all verification you do, if you end up with a wrong tenant, the property manager may need to go to court to resolve certain issues about the bond and other matters. Make sure that they willing to support you in such situations.
- If the property needs any kind of maintenance or repair, will they give advice (owner) or get it done?
A property manager should not even ignore a small crack when it comes to maintenance of the property. They should be skilled enough to manage even the smallest problems. From resolving plumber issues to electrical wiring, a manager needs to coordinate with every given task.
- Ask about the fee.
It is important to ask about management fee and other hidden costs a property manager may ask later. If it is difficult to find a good tenant, they might ask for extra cost or commission.
- Ask for references or contact details of property-owners they previously worked with.
Ask other landlords about the quality of the service they received from the property manager you would like to hire. Did they deliver their promises?