Your rental property should be managed by a professional property manager who is proactive. The property manager should be experienced and licensed. They should also be transparent and responsive.
The process of hiring a property manager in Redbank Plains may be daunting, especially if it’s your first time investing in real estate. If you are conducting the hiring process yourself, you should be knowledgeable about the questions you should ask.
Below are some of the tips that will ensure you have hired the right property manager:
1. Check References and Reviews
Before you schedule a meeting with a prospective property manager, you should start by reading through the reviews posted on Google and Yelp. Also, peruse through the comments that have been posted by people on the property manager’s social media pages. The manager’s website may have some reviews; however, they may not be as reliable. Review sites come in handy as you compare the quality of services offered by different professionals.
Other traditional sources that usually come in handy include the Chamber of Commerce and the Better Business Bureau (BBB). You will find positive feedback and complaints on each of these platforms.
Through these references, you can determine whether you’ll form a good working relationship with the manager. As you liaise with the property manager, you should ask for references from the current tenants and clients. Contact both parties and learn more about their experiences. Inquire whether the property manager normally responds to the inquiries promptly. Also, is the manager proactive when it comes to filling vacancies and handling maintenance issues? Are they transparent and clear? Do they remit payment on time?
When liaising with the tenant references, inquire about whether the houses are well maintained. When a tenant issues a request for repairs to be conducted, does the property manager act swiftly? Happy clients will most likely remain there for a prolonged period, which means the vacancy days will be reduced, and your cash flow will not be affected.
2. The Property Manager Should Have an Insurance Policy
The property manager should have property-casualty insurance and general liability insurance. As a real estate investor, you should also be insured. Feel free to liaise with the property manager about the best insurance policies.
3. The Manager Should be Certified and Licensed
There are some states whereby property managers require a license, whereas they don’t need one in other states. A competent professional should be in a position to prove their expertise by providing certifications and a license. The real estate commission within your state can help to inquire whether the license provided by the property manager is up to date. Other affiliations also come as a bonus.
4. Evaluate the Agreement Thoroughly
The agreement will outline the agreement between the property manager and the client. The responsibilities and tasks of the management team will be present in the agreement. Since the contract is legally binding, you should read through it carefully and determine whether it needs to be amended. Make sure everything you want has been covered. Disagreeable clauses should also be eliminated.
5. Ensure the Property Manager has Specialized
The property management sector is complicated to some extent. As a result, you should consider hiring a property manager who is conversant with the local, state, and federal laws. The manager should have a proven track record when handling different variables that arise when dealing with homes and tenants.
The property manager should have a considerable amount of experience when it comes to handling the commercial property. If the property manager has not undergone specialized training, they are most likely not conversant with the property management codes and laws.
6. Look for Referrals
There are instances whereby your colleagues at work or friends can issue referrals. If you know anyone who works in real estate, you can ask them for referrals too. Suppose a particular property manager does not offer quality services. In that case, there is a high likelihood that different property owners know them, and they will advise you to refrain from hiring such individuals.
7. How Does the Property Manager Handles Vacancies and Advertising?
Besides retaining and attracting tenants, ensure you have looked into how the property manager handles vacancies and advertising. You will learn more about how long it takes the property manager to attract clients. In the process, you will also get to see the types of property being managed by the property manager.
By: Eric Reyes
About the Author:
Eric Reyes is a passionate thought leader having been featured in 50 distinguished online and offline platforms. His passion and knowledge in Finance and Business made him a sought after contributor providing valuable insights to his readers. You can find him reading a book and discussing current events in his spare time.