Need a Property Manager? How to Hire the Right One

It’s important to take the time to find the right property manager for your needs. If you’re not careful, hiring a bad one could cost you dearly. After all, they’ll be handling your properties and investments on a daily basis. You need someone who is experienced and qualified with excellent references so that you can feel confident in their abilities. There are many things to look for when meeting with potential candidates – here are just some of them:

Get Referrals and Check References

Getting referrals is extremely important when hiring any professional service. Ask family, friends, and colleagues if they know of anyone who would be good for your needs. You can find a local real estate agent by reading or checking forums online. You can also run a quick online search or check with the Chamber of Commerce in your area for local business people.

Ask for references and take the time to call them. You should ask about their experience, if they’ve successfully worked with people like you (single-family homeowner or multi-unit investor), how much work they’re currently doing, what kind of properties they manage, etc. If any red flags come up at this point – such as a high volume of properties they’re managing, that’s important information.

Find Out How They Handle Advertising and Vacancies

This is an area where you want to be very specific in asking about what they’re using and how it works. Going through online credit report services can be costly, especially since many of them are known for poor screening standards. One of the main responsibilities of a property manager is to fill up vacant properties, which can be quite tough in some areas.

You want to ask them how they advertise and what their process is for filling vacancies. Also, ask about their screening standards – do they have any? How many applications do they usually get per vacancy? What are they looking for to determine which applicants are ultimately chosen?

Negotiate The Terms of The Contract

Don’t be afraid to ask for what you want in the contract. You should negotiate the terms, especially if they’re asking for more than you want to pay or giving up too much control over your properties. At this point, let them know what kind of budget you have and that you need to stick with it. Ask for items that will be beneficial for both of you, such as a low base fee and then a percentage-based commission when they fill up vacancies. That way, if they’re doing their job well and getting your properties rented out quickly, the cost to you will be minimal.

Do They Have a List of Local Contractors on Their List?

You don’t want to pay more than you have to for routine maintenance, especially since your property manager’s commission is based on the amount of work they do. Ask them who they use and if there are any hidden fees or charges from their local contacts – such as travel costs. They should be able to give a list of companies that will come to your property at no extra charge.

Hiring a property manager is an important decision, so it’s crucial to find the right person for your needs. The key qualities you should look for are experience and qualifications – they’ll help ensure that your properties are taken care of by someone who knows what they’re doing. Take some time today to think about how much work you have on your plate already. If there’s anything that can be delegated or outsourced, then hiring a property manager might just be the solution.

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