So you have an investment property – or maybe multiple properties. Hopefully you’ve read about how using a property manager can increase your profits by about 15%, so how do find the right one for your property?
Well, if you are reading this, then you know we are happy to help. But if are looking for the best property manager in another market, keep these ideas in mind:
1 – Make sure that your prospective property manager knows the laws of the state. Don’t go for a ‘new transplant’ to the area, unless they have studied the law and know the rules inside and out.
2 – Does the property management company you are looking at, specialize in managing properties, or is it part of a real estate business? If it is, are you comfortable with that, or would you prefer a specialist?
3 – What’s the reputation of the principal(s)? If you don’t know them, then speak to their business associates – ask about their integrity, experience and how they deal with people.
4 – Will you be working with a dedicated property manager, or will you have several people in a team. Which way makes you feel more comfortable?
5 – Are they willing to give you their direct contact details?
6 – How will your property be promoted?
7 – How is your property shown? Will prospective tenants be shown around personally?
8 – What sort of full and proper identification will prospective tenants need to provide before allowing to rent the property?
9 – How are prospective tenants vetted? How do you know the tenants are going to be a ‘good one’ and not a ‘bad one’.
10 – Do you personally like the property manager (or team)? It is not critical that you like them, but it sure does help.
What do you look for when you are looking for a property manager?