Looking to hire a property manager?
Whether you own commercial or residential real estate, finding excellent tenants and managing both them and the building can be a full-time job. Hiring a property manager is not only an important part of guaranteeing things operate smoothly, but it will also help you save money and get the best return on your investment.
There are several things to look for when vetting property management companies. You want to be sure you’re getting only the best because you’ll be trusting them to represent you as the landlord.
Any mistakes they make will be issues you’re inevitably responsible for, so choose wisely. This may sound like a lot of pressure, but don’t worry. We’ve broken down a guide to finding the best property manager for your building.
Read on to learn more so you can feel confident with the company you select!
Managing a property can be a complicated task. There are many things to consider and take care of simultaneously so you’ll want to be sure you hire someone with experience.
Whichever company or person you go with should have at least one year of experience under their belt. This is important because you’ll be trusting the manager to make decisions regarding the building and its tenants. One wrong move could be costly.
For example, if a pipe bursts and leaks into the bathroom of one of the units, you’ll expect your property manager to call a plumber and have the pipe fixed. But this isn’t enough.
Your property manager should know that any time there is water damage to the ceiling, walls or floor of a unit, they’ll need to open up the saturated area to try it out and ensure there is no mold growth.
This simple error and oversight could end up not only costing you dearly when it comes to repairs but it could put the whole building and your tenants in jeopardy as mold spreads quickly and can also make people sick.
Nowadays, people can review property management companies on Yelp or user reviews sites available online. This is an excellent way of vetting a company and seeing what other clients think about who you may decide to hire.
See what people say. Are their reviews positive or have they experienced difficulties when dealing with the company? People usually only write a review when they have something either really good or really bad to say, so you’ll be able to get both ends of the spectrum by using this tool.
Reputation is important because you want to hire someone who is a trusted professional in this industry. Talk to other building owners. See what companies they know and trust and get their information.
You’re always better off getting a direct referral from someone who has experience with a company and can vouch for them honestly.
This is a very important part of whether or not a property manager is qualified to run your building. They should be a good judge of character and take all necessary steps to ensure whoever is about to move into your building is screened properly so you don’t encounter issues with them once they’re in.
You’ll want to be sure you’re on the same page with them about what kind of process is in place to interview and accept new tenants. Double check with them that they have anti-discrimination policies in place so a tenant can never accuse you or the property manager of treating them with bias or in an unfair manner.
The property manager should have a very clear system for vetting new tenants. They’ll need to run a background check, credit check and get references from previous landlords, colleagues or friends who can vouch for them.
If these procedures are not in place when you interview the company, run the other way since this is basic property management knowledge and if they don’t have it, it’s not a good sign.
Ask your potential property manager what system they implement when a tenant moves out and a new one moves in. How long of a vacancy period do they typically have? Are they able to get new tenants in quickly, therefore saving you money on lost rent?
They should be able to tell you how they go about securing new tenants when a unit becomes available because the faster the turnover time, the better for everyone involved. After all, why miss weeks or months of income if you don’t have to?
Aside from how they screen and secure tenants, your new property management company should have routine procedures for every element of the building and how it’s run.
For example, they should have a number of reliable vendors they can turn to if there’s a problem in the building. These vendors should be ones they’ve used before and had a relationship with so they can get them there quickly and for a fair price.
There should also be a routine for how and when there is maintenance done on the building. This goes for plumbing, electrical, landscaping and more. This routine maintenance is important because it will keep small issues from becomes worse and costing you more money down the road.
There should also be a procedure in place when it comes to dealing with tenants. How are work orders for problems within the units dealt with? What happens in someone is late on rent? These are just some of the things to consider and be sure the company has a definitive answer to.
Find a Property Manager Today
Finding a property manager doesn’t have to be complicated now that you know the right things to look for. Be sure to keep an eye out for a reputable company that has great reviews and strong policies.
If you can do this, you can rest easy knowing your income property is being taken care of and working for you. Don’t stress about your investment, just reap the rewards of it!
Looking for the right property manager? You’ve come to the right place. Contact us for more information and be sure to check out the rest of our blog for more tips.