You may have never thought about hiring a property manager before, but that doesn’t mean you can’t. Sure, it can be a considerable investment upfront, but you’ll reap the rewards in the long run. We’ve put together some tips to help you find the right one if you’re new to the idea.
What are your Property Management Needs?
The responsibilities of a property manager depend on the property owner’s needs. Good lifestyle concierge services and property management services can take care of all tasks related to the property. These may include collecting rent, responding to maintenance requests, finding tenants, and advertising the property.
Before you find a property management company, you should know the responsibilities you want them to take. You may want the manager to oversee the daily tasks necessary to run the property.
You may want the manager to be in charge of capital improvements and major renovations. Whichever the case, have this information before you pick a property manager.
Ask for Referrals from Colleagues and Friends
It is good to talk to people you know when searching for a company to manage your property. You can ask other property owners, contractors, realtors, or friends.
However, it would help if you did not take the recommendations blindly. Enquire about the individual’s or company’s strengths and weaknesses.
Research Online
After you get your referrals, go online for further research. Do not limit your search to the referrals; take the opportunity to look for new names.
Look for property management companies in your area by plugging your location and your property’s size. Check each company’s website and look for customer reviews on social media platforms like Facebook.
Interview your Shortlisted Candidates
Interview the candidates you are considering for the job just as you interview any other potential employee. This ensures that you do due diligence before hiring the property manager.
You can start with three to five prospects. Spend at least 30 minutes with each and have a list of questions to ask. Have a uniform list of questions to compare their responses easily.
Ask about:
- Management fee
- Number of staff
- Is there an emergency number that tenants can call anytime, day or night
- Do you look for tenants and the charges for the service
- Do you retain the security deposit?
- The amount of money needed for emergency reserves
- The number of repairs or items in dollars you’ll cover without involving the property owner
- Will the company initiate and handle court proceedings when a tenant is evicted?
It is imperative to clarify the roles of the manager to avoid problems in the future.
Check Certifications and Licenses
Property management companies/managers are required to have a property management license or a real estate broker’s license. This is a requirement if they are to show vacant apartments. You need to check with the Real Estate Commission in your area to establish if your candidate’s license is up-to-date.
Visit Some of their Properties
Take an on-site visit to evaluate the property manager. If you find an unkempt property full of debris or trash, it indicates the person’s incompetence and they may not take care of your property as well.
If possible, you can speak to a tenant to determine how long it takes for their complaints to be addressed. You should also determine the time it takes the manager to carry out repairs or maintenance.
Choosing Between a Small Company and a Big Company
There are benefits and drawbacks to both small and big property management companies. It would help if you decided based on your property needs. Usually, larger entities have internal maintenance staff that quickly and efficiently respond to tenants.
A large and more established company may also have a modernized leasing process that will help fill up your property faster.
On the other hand, a smaller company makes you feel important as you are catered for quickly. Smaller companies also charge less than larger management companies. You can interview both types to help you decide which one is ideal for your needs.
