Friday, September 7, 2018 / by Harvey Rosenberg
If you’ve had a property for a while, and are ready to not DIY it anymore, you need to find a good property manager. Here’s how you should select a property manager that’s right for you.
First and foremost, be sure the property manager you’re looking at has the appropriate accreditation for your state. In some states that may mean a real estate license, in others that may mean simply a certification.
In our home state of Florida, a property manager needs a real estate broker license.
Yes, interview the potential property manager. You need to know their experience with renting properties, with handling maintenance, dealing with renter requests, finances and more. They should also know about local market trends, what homes rent for.
Additionally, ask how many properties he or she manages. Does he or she have any employees? Is there a 24-hour emergency hotline? What about maintenance vendors. How does the property manager decide who to use? Do they carry liability insurance?
As you can see, there’s an extensive list of things to consider.
Ask for references. Essentially you are hiring a property manager or management team to work for you. They should expect reference requests as well as be willing to provide you with a list. Follow up on the list and call. Ask about their experience and do they have anything they would change.
Know what you’re paying for. Get a breakdown of what the charges and fees are. Are there any extra expenses such as advertising? What about reporting and rent payments. Do they have a system in place or is still a paper trail?
If you’ve done your research on all of the above, sometimes it boils down to customer service and your general rapport with the property management agent or team. If you don’t get a good feeling, walk away. This person is responsible for your investment and you want to be sure you’re both on the same page.
If you’re ready to start the process of renting out your property, contact us. We offer full-service property management.
Still not sure you need a property manager? Read why you may want to reconsider here.