Whether you own an investment property or are interested in doing so at some point, it pays to consider how a reputable property manager can help. But one property manager isn’t necessarily as good as another, so you must know how to choose the right one for your needs.
When you find a reputable service provider, you’ll have help with essential tasks like:
- Finding quality tenants for your rental units
- Maintaining and repairing the investment property
- Updating the rental unit to make it attractive to tenants
- Setting rental rates that are competitive and attractive
- Advertising vacant units so they’re occupied in short order
- Providing client relations services
- Collecting rent
And that’s just for starters. The good news is that you can get as much or as little help as you want. You can either completely outsource the management of your investment property or outsource some responsibilities that you don’t want to do or don’t have the time to do.
You might wonder how to find the right property manager.
Here are five things to look for.
- Find One Located Close to Your Rental Property
When looking for a property manager, you should find one local to your investment property. If your rental property is based in Dallas, Texas, find a property manager based there. And if your investment property is located in Beverly Hills, California, find a property manager in that area.
It’ll be hard for an out-of-town service provider to be as responsive and reliable as you need.
And the more help you need from a property manager, the closer you’ll want them to be. You’ll want to be able to visit the office if needed, and you’ll have peace of mind if it’s relatively close.
- Consider Reputation
Another thing to consider is the reputation of the property management firm you’re considering. Check out online reviews and testimonials for some perspective on how reputable the service provider is. You’ll want to know what past and present clients say about the property manager. As the Good Book says, a good name should be chosen over silver and gold. So, focus on property owners in your area to see which ones stand out.
- Look at a Range of Services
Before looking for a property management firm, you should consider what services you need. Do you want to be hands-on? In that case, you may only want help with certain things. But if you want to be an owner and let a third party be the manager, you’ll want to find a full-service firm.
Ensure the property managers on your shortlist offer all the services you require. You’ll also want to consider scalability. So, while you might only need certain services now, you may need others later. Find a property manager that will meet your needs now and down the road.
- Remember That Experience Matters
If you have a multi-unit investment property or a portfolio of family homes you rent out, you’ll want to find a property management firm with experience in this space. Don’t assume that all property managers have experience managing all property types. While researching, find service providers with demonstrable experience helping investment property owners in your shoes.
- Look for Pricing Transparency
It’s also vital that you find a property manager that has a transparent pricing model. You don’t want to get any surprises at the end of the month. Property managers typically charge a percentage of monthly rental fees. But there will often be extra fees for other services. A reputable service provider will be upfront with pricing so that you won’t be caught off guard.
These are some of the things to keep in mind if you need to find a property manager. Some property owners prefer to manage their properties. But many investment property owners wouldn’t mind some help. If that describes you, ensure you find the right property manager.
