If you own rental property but don't want to manage it yourself, hiring a property manager can be an excellent solution. A property manager can take care of everything from finding tenants to handling maintenance issues, allowing you to enjoy the benefits of owning rental property without the hassle. However, not all property managers are created equal, and it's essential to find a good one. Here are some things to look for when hiring a property manager.
1. Experience and Credentials
When looking for a property manager, it's essential to find someone with experience and credentials. Look for a property manager who has been in the business for several years and has experience managing properties similar to yours. Also, consider hiring a property manager who is a member of a professional organization such as the National Association of Residential Property Managers (NARPM).
2. Communication Skills
Good communication is essential in any business relationship, and property management is no exception. Look for a property manager who communicates clearly and regularly. They should be easy to get in touch with and responsive to your questions and concerns.
3. Reputation
Reputation is everything in the property management business. Look for a property manager with a good reputation in the community. Ask for references and check online reviews to see what other property owners have to say about their experiences with the property manager.
4. Knowledge of Local Laws and Regulations
Property management is heavily regulated, and it's essential to find a property manager who is knowledgeable about the laws and regulations that apply to your property. Look for a property manager who is up-to-date on local rental laws, fair housing regulations, and other laws that govern the landlord-tenant relationship.
5. Fees and Services
Property management fees can vary widely, and it's essential to find a property manager who offers services that meet your needs and fit within your budget. Some property managers charge a flat fee, while others charge a percentage of the monthly rent. Make sure you understand what services are included in the fee, and what services will cost extra. Keep in mind that many property managers who appear to have the lowest cost, may also not provide the quality service you are looking for.
6. Tenant Screening Procedures
One of the most critical tasks of a property manager is finding and screening tenants. Look for a property manager who has a thorough screening process, including background checks, credit checks, and reference checks. A property manager who takes tenant screening seriously is more likely to find reliable tenants who will pay their rent on time and take care of your property.