While not essential to the success of your rental income, a property manager can make things a lot easier for you, especially if you have a full-time job. Property managers will take care of things like website listings, screening potential tenants, and even collecting rent from current tenants. But of course, you don’t want to choose just anyone for the job. You want someone reliable, someone you can trust with your business and your income, even when you aren’t there to watch over their shoulder. Here are some things you should consider when looking for a good property manager.
- Get Referrals. The single best thing you can do when looking for a reputable manger is collect referrals from other sources. Contact people who would have had experience with a property manager, then ask whom they would recommend. After a while, you may find that there’s some overlap in the names being recommended. These are the property managers you’ll want to follow up with first.
- Do Research. Rather than depend entirely on someone else’s favorable opinion, do your own research. A quick internet search will typically tell you everything you need to know regarding experience, credentials, and other information. They may even have a website available for you to browse.
- Meet & Ask Questions. Form your own opinions by scheduling an in-person, face-to-face meeting with some of your top prospects. Consider the image you want to project and remember that your tenants, potential or otherwise, will likely interact with their property manager more frequently than they will with you. Record any general observations, including personality, sociability, and any other qualifications that you may consider important.
- Observe Business Practices. If you have the opportunity, observe how they conduct business. Alternatively, you may ask these questions when meeting in person. Have they gone paperless, or are they more traditional? Do they prefer digital communication, face-to-face, or some combination of the two? Are they strict or lenient in the observation of rules and contracts? The ideal property manager aligns with your own values and current practices.
- Ensure Insurance. Should something happen under their supervision, it’s essential that the manger have their own insurance. You shouldn’t be held personally responsible for a manager’s mistakes. Be sure to clarify during the interview process and weigh your options before hiring an uninsured property manager.
Finding a property manager that you like and trust can be tough, but it will be worth the extra time and effort spent in the end. Follow Talley Properties blog for more tips and tricks!