Hiring a property manager is the best way to keep the day-to-day tasks of running your real estate investment under control. Although it is possible to manage things on your own, there are many good reasons to consider enlisting the help of a professional, especially if you do not possess the specific skills required to handle those responsibilities yourself.
With that being said, finding the right property manager can be a difficult task, especially if you are not entirely sure what to look for. This article will help to outline the types of questions to ask when searching for a properly qualified company to do the job.
How to Choose the Right Property Manager
It is important to consider multiple property management companies when making a decision about who to go with. If you decide use with the very first one that you come across then you may regret it in the near future. You need to do your research, and properly audit each potential candidate, which means you’ll need a list of possible contenders for the position.
The most practical way to approach this is by writing down which services you will need covered by the property manager, and see if the company you are researching offers what you require. Then you will need to determine which firm is going to give you the best service for the least amount of commission.
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Below you’ll find some of the important services property management companies offer that you should include in your list:
- Advertising Vacancies: A great management firm will be aggressive in their advertisements. You don't want your property staying vacant for too long.
- Screening Tenants: This is really important. Make sure that they are using background checks. A simple background check can greatly reduce loss.
- Collecting Rents: Any legitimate firm will have a process in place. Make sure that it sounds like a good one.
- Maintenance: You always want to make sure that they will keep up with regular maintenance and to find out before hand of their processes.
- Emergencies: If they don't have a system in place for these types of emergencies, why would you pay them money in the first place?
- Accounting: It is always good to find out what kind of accounting services they offer. Remember that great accounting means less work for you.
- Fee Structure: Finding a property manager for an appropriate fee shouldn't be too difficult. Various firms may have different fee structures.
- Liability Insurance: This one is really important. You always want to be covered in this business.
What are your thoughts on choosing a property management company? Is there anything that we missed? We look forward to reading your comments.
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