How to Choose a Property Manager
Recently a friend of mine was ranting about how their property manager messed up their lives and almost had their tenants suing. I decided to find out what to look for when choosing a property manager just in case I need one in the distant future.
Check the credentials of any potential property manager just like you would for labs when doing DNA tests. How qualified are they to do what they do. What kind of experience do they have.
Before choosing a property manager, you should consider whether you need any property manager or not. If you like doing almost everything by yourself, it’s not necessary to hire a property manager. But, if you think you really need a good management company, ask them some important questions about properties. This decision is a personal one as it depends on various things.
If you think you need a property manager, estimate the likely cost of hiring a property management company and add it on the list when estimating your monthly expenses. As you are paying the property management company for overseeing your properties, you can think of it as rental rates.
After you are done estimating, it’s time to get referrals. Finding referrals is not a hard work if you know what to do. You can attend local landlord association meeting or local real estate investors association and ask the other investors for a referral.
Now, start gathering information on the companies and interview your preferred ones. It is important to understand if they can serve your needs properly. Make sure that they are offering services like maintenance, collecting rent, repairs etc. After you are done interviewing, go through the list and choose the one that you think is perfect for you.
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