As an investor, you want to make sure your real estate is being managed properly. If you have purchased rental properties in different states, you might be finding it difficult to manage your real estate yourself. This is why you should consider hiring a responsible and trustworthy property manager to oversee your real estate and collect rents, handle day-to-day maintenance, and respond to tenant’s needs.
Maintenance and day-to-day operations of managing rental real estate can take up a lot of time for you as a landlord, and leave less time for buying up rental properties. Whether you decide to hire a local independent company, or a more regional management company, it’s essential to make sure you are choosing a property manager that you feel is a good fit for managing your real estate.
So, how do you find a qualified property manager for your real estate? Follow these tips below on how to find a property manager for your rental investments.
Table of Contents
Word of Mouth
The best way to start looking for a qualified property manager for your real estate is by asking around. Get referrals from people you know, word of mouth can be the best way to find and get a personal accounting of the work a property manager could do. It’s essential to ask for references from a few different acquaintances to find a company that would be the right fit for rental properties.
When you’ve narrowed down some names of property management companies that have piqued your interest, do your research online. View the companies website and social media to get an impression of what they offer and what people are saying.
As you finished up on your research and picked companies that you feel are a great fit, you need to begin setting up interviews with the property managers of each company. Meetings in person are the best, because it helps you form a better first impression. In the interview, you need to discuss management styles and what is important to you as the real estate investor.
Handling of Vacancies
As a rental investor, you never want to see your investments being vacant for long. It’s good to know what a property management companies policy is on handling the vacancies. Some companies charge a fee based on the total number of units, and others do not charge a fee for vacant units. It’s essential to know how well a property manager will advertise your vacant units before signing any contract or agreement.
Excellent Customer Service
You want to make sure that the property manager you hire to oversee your rental real estate provides excellent customer service. Your property manager must be friends and easily accessible. They need to get back to tenants, maintenance, and you on time.
Tenant & Rent Collection Methods
Before signing a contract or agreement, you need to make sure that you agree with the property manager’s policy on tenant screening and collecting rent. To make money in your rental real estate, you need to have quality tenants and your monthly rents collected on time. You want to make sure that the property manager is capable of handling these issues and making you money.
Review Lease Agreement
Before signing a contract or agreement, make sure you carefully review the manager’s tenant lease agreement to determine what they require for a security deposit, monthly rental rates, and how long are the lease terms. You want to know how the manager decided on these fees and rates. Determine the property manager’s contacts and policy for handling any maintenance issues and what they charge.
Finding a quality property manager for your real estate is no easy task. However, by doing your research, asking around, and interviewing, you can get a feel for the best property manager for your rental investments. Having a quality property manager is essential to the day to day management of your real estate properties.