If you are always busy, let’s say that you frequently take business trips, managing your rental property can be quite hectic. You don’t have time to check on your tenants, know their problems, or their backgrounds.
Being away from such issues as the owner can hurt your business and profits. That’s why most people hire a property manager. They make life easy for you, especially if you find the right one.
How do you select the best one out of the different rental property managers you’ll come across in the market? If you are wondering how you can do it, here are some requirements you should check.
It’s a rule of thumb. You can’t hire a company out of the blues. That can be the worst decision you are yet to make.
Hence, the property owner should do some research on the various companies that he or she finds. Ensure that you understand how long they have been in business, and know what their previous clients say about them.
Understand how they do business
A property manager should have two vital qualities: His or her exposure to the market and decision making abilities.
When discussing exposure, the property manager needs to know what’s happening in the real estate market, the trends, when new laws come into existence and what is the best time for property inspection. It would be best if you also understood how they quantify each tenant and whether they have the right qualifications to lease your property.
In terms of decision-making, a good manager doesn’t make emotional decisions. They are a bit factual; hence, they will do their research before making a concrete decision.
Need operating documents
Other than experience and understanding how the manager does his or her business, you should know whether they are a recognized company by the government.
Looking at a website is not enough. They may be a wolf in sheep’s skin. And since we are avoiding a situation where you’d end up working with a con, you should visit their physical offices. Let them show you a license. It should be valid, one, and it should not be expired.
Doing so will help you build trust with them.
Know their availability
Let’s say you are abroad, or you are on vacation, and then something happens to your property while you are away. If your property manager is not available, your tenants may have unresolved issues, unless(of course) the manager shows up.
In that case, you should hire a manager that is easy to reach and lives in proximity to your property. The individual should be available to note down tenant complaints and fix issues that need immediate attention.
Hence, when you are hiring the right property manager, could you inquire about this from them? Get to know if they will avail themselves in the case of an emergency even when it’s not office hours.
When looking for the best manager for your property, interview as many of them as possible. Ask as many questions as you need to, get to know the pricing, the services they offer, and those they don’t provide. Having such information with you helps you to choose the right person to maintain and monitor your property.