February 26, 2014
Finding someone you know will look after your best interests and take care of the properties you assign to them is easier said than done. Before you start the process of locating a trustworthy property manager, you first have to admit to yourself that you can no longer handle these responsibilities on your own.This fact is especially true if you’re looking to expand your property portfolio. Here are tips on how to find the right property manager.
The world of real estate investment is so diverse that it’s difficult to find a property manager who fits the needs of every real estate investor.
Once you have determined the needs you need to have a property manager fulfill, you will have a framework that you can use when developing a database of candidates.
It’s not wise for you to choose the first property management firm that you come across. Instead, you need to accumulate a large list of them and starting working through each one individually. You will have some difficulties developing this list unless you have generated some questions that you will want to ask to property management possibilities.
As part of the process you go through when determining your needs, you will want to have a checklist that you will use to evaluate each property manager.
While you don’t necessarily have to use this checklist with every candidate, it’s advised that you keep the items on your checklist in mind when you’re in the evaluation stage.
Traditionally, the biggest part of choosing someone for a position is the interview stage.
Interviewing should play an important part in picking a property manager. At the same, there are many other variables that you should consider. Delve deep into their history and get a sense of what they have accomplished and how that fits into your mission.
Advertising property vacancies is probably the most important duty for a property manager outside of the process that they use to screen tenants. Both of these responsibilities should rank high on your list because they determine the viability of a particular property.
On occasion, your property manager will have to show the properties they manage. For that reason, the individual you choose to takeover this position should be skilled in this regard.
The job of a property manager will have some difficult aspects as well. You have to determine how they will collect past-due rents, control maintenance costs, and deal with after-hours emergencies. Your goal should be to have as little tenant turnover as possible. With a good property manager in place, this goal will be easily achievable.
As soon as you have a property manager in place, you will likely want to sit back and want to stick with them for an indefinite period of time. You should peer in from time to time to determine their current level of effectiveness. An ineffective property manager will drive down revenues across the board. You can’t stick with a property manager that’s unable to get the job done.