Hiring a property manager can make your life as a property owner a lot easier. However, there is a process you should follow when you are looking for a manager. This helps to ensure that you get a property manager that is effective and able to provide you with everything that you need.
Consider the Management Fee
When you work with a property manager, there is a fee involved that will compensate the property manager for his time. In general, this fee is approximately 10 percent, but this can vary. You are paying the manager to collect your rent, care for your tenants and keep your property maintained and rented out. They are taking on a lot of responsibilities so that you do not have to attend to them.
Well-Matched Personalities
You and your property manager should not have conflicting personalities or else this can be detrimental to the relationship. The various procedures and systems are things that both of you should agree before you agree to work together. If you want to be involved in the management of your property, find a manager who is responsive to this. On the other hand, if you prefer to take a back seat, make sure you hire a property manager that you can trust to handle the bulk of the responsibility.
Conduct an Interview
Before you hire a property manager, you must conduct a professional interview. This allows both of you to get to know each other. It also allows you to learn about exactly what the manager has to offer. Make sure to make a list of questions before the interview so that you do not forget to ask about key points.
Effective Communication
Communication is critical to effective property management. As the property owner, you must be able to lead the property manager that you choose. While he is going to be doing the bulk of the work, you are still the owner of the property and have the final say in everything. Be clear about your expectations and do not avoid a discussion if things are not going as you expect them to.
Property Size
When you are looking for a property manager, consider the size of your property. For example, if a property manager is used to working with single-family homes, he may not be able to handle an apartment complex. Choose a manager that has experience in the size of the property you will be renting.
For each property manager that you consider, use these five considerations to properly evaluate them. This increases your chances of picking a manager that you can work with effectively. It also reduces the chances of choosing a manager that will not work out.