Finding the right property manager to manager your investment is a big decision and it can be stressful and disappointing at times.
We have provided a quick guide on how to choose the right property manager to work with you on your journey to building your wealth through brick and mortar. Let’s face it, building a successful multi property portfolio is not easy so you need a reliable team of professionals to assist you.
Below are some tips to help you get started:
Get referrals from different sources if possible – word of mouth is a great source for finding a good property manager. Speak to multiple real estate agents and other property owners in your areas as they will provide you with names and options. Referrals can be biased and this is why it is important to try several different sources. If you hear the same thing about an agent a few times, whether good or bad, chances are it’s true. Also ask questions about what makes them good and/or bad.
Do your own research- do online research for companies- Have a look at work they’ve done- if possible speak to current tenants to ascertain how happy they are with their property manager, whether their complaints are addressed on time etc . Look at their website and see how professional the advertisements look, the cleanliness of the properties and if they advertise on a variety of places.
Read company testimonials, see ratings on their Facebook pages and other social media pages they may have. Before contacting a company, it is important to read as much about them as possible and have questions ready to ask them.
Check their license and certification- make sure to check all license and certificates they have. Check with your state’s Real Estate commission to see if their license is active.
Organisations such as REIQ and REINSW (depending on the state you live in), offer certification after completion of a tough training program. If the property manager is willing to spend the time and money to go through continuing education courses, it can tell you that they are committed to their job.
Examine Their Management Agreement- The management agreement should clearly define the responsibilities of both the property manager and the property owner. Are the same terms you discussed during the interview included in the contract? Pay special attention to the sections on services provided, extra fees charged, responsibilities of the owner, compliance with fair housing laws, hold harmless clause and reasons for cancellation.
Go with your gut- You need to be comfortable and confident that the property manager in question will look after your best interests. They need to have good communication and negotiation skills, be organised, approachable and honest so feel free to ask as many questions as you like. Make sure to look for important qualities such as, the organization, honesty and passion for the job and also their experience.
Finding a good property manager, will be one of the keys for your continuous thriving in the property investment landscape — all it takes is asking the right questions and making sure the managers you sign with understand your goals, your standards and the strategies needed to help you achieve your goals.