Seeking out the leader in property management. Follow these steps
Hiring a property manager can be beneficial in boosting your portfolio, managing the day-to-day tasks and securing your investment. However, finding the best property manager is not an easy task. If you’re a new real estate investor or planning to venture into real estate investments, you may not know the criteria to judge and distinguish the different property management firms. But this piece has all the steps you need to take to find the leaders in real estate management.
The first and best way to find a reliable property manager is through referral or word-of-mouth. By talking to property owners and real estate agents in your area, you’ll be able to get some great options. Get a list of property management companies or property managers they are currently using or they have used. It’s important to check with them what issues they’ve had and what they’ve been impressed with. As a referral can be biased, it’s essential to get credible referrals from various sources. If people say the same thing about a property company or manager, may it be good or bad, there’s a greater chance it’s true.
Do an online search
Online research for property managers can reap great results. Websites like Hipages allow you to specify your location and the size of your property before generating a list of property management agencies in your area. Before interviewing candidates, check out their reviews on sites like Google, Yelp or even Facebook. It’s a good idea to check with the BBB (Better Business Bureau) to see what kind of ratings the manager or company has and if any complaints have been filed against them. In your research, you’ll likely come across some of the companies or managers that you got through referrals. Similarly, see additional reviews and learn more about the company.
Check out their work
See what fashion the property managers operate in. Look at some of their rental ads. Are they compelling, professional and non-discriminatory? Do they advertise on multiple platforms, or are their adverts limited to community bulletin boards? Also, check out the properties they manage? Are they clean and well maintained? You can get useful information by talking to the tenants they manage. Do the tenants plan to sign a new lease? Are their complaints addressed? How long does it take to fix repair and maintenance issues? These questions are helpful in determining if the current tenants are satisfied and happy with the management’s services and performance.
Interview several property managers
Just as you will screen and interview prospective tenants, you’ll want to interview several management companies or property managers. Compare them, including their prices, to find the one you’re comfortable working with or trusting your properties with. Interviewing potential managers will enable you to determine the good and the bad. You’ll be able to pinpoint those with a proven plan and real industry knowledge and those without. Also, ask about their experience and education, fees charged, services provided and if they are conversant with the landlord-tenant law. If the candidate is dismissive or hostile during their interview, or they don’t talk about improving your portfolio, then they won’t be able to manage your property as you’d like.