Getting the most out of your investment property means understanding your unique needs as an investor. It’s also important to partner with a property manager who knows how to help you reach your goals.
What Should My Property Manager Cover?
You work hard for your money and equally as hard to decide how/where/when to invest it. If real estate is your avenue of choice for investment, you want to make sure you’re choosy about your property manager.
Investing in a rental property has its ups and downs, as well as pros and cons. An effective property manager will help you as the landlord, and navigate your way through that process. From picking up keys for you after closing, handling rent ready repairs, placing tenants, you want to be able to trust that your property manager has everything under control. Every nook and cranny, every aspect. You want your property manager to be your partner in progress.
What Questions Should I Ask My Property Manager?
When considering a property manager, it’s important to find someone who won’t just put you in a little box and leave you there. You want to make sure they ask the right questions, and keep you in the loop about what is happening at your property. Here are some questions you may want to ask:
- Are you a licensed property manager? What are your certifications?
- How many properties are you currently managing, and what type of properties are they?
- What is your fee structure?
- How do you send your reports, and what information do those include? Can I see a sample?
- How are potential tenants screened?
- Who handles the maintenance work?
- How is rent collected?
- How long is the management agreement for?
- Do you have references?
It is vital that you find a property manager who can customize their services to you – not the other way around.
Making Sure Your Property Manager Understands the Industry
At the same time, you want a property manager who is more than just a “yes man”. You want someone who isn’t afraid to offer recommendations for improvement on the property, ensures that you adhere to compliance laws, and other issues as it fits your best interest. It’s important that they are able to explain the “why” behind these recommendations.
This is your property, your hard-earned investment. That’s a hard thing to hand off to another person to manage. You want to hire a property manager that has experience as renters, and as investment property owners – that way you can be sure they know the frustrations and hesitations.
You’ll want to find a property management team that has extensive experience in this industry, as well as business management, bookkeeping, real estate photography, and real estate marketing.
Ready to Learn More About Professional Property Management?
If you’re considering finding a property management for your investment rental – start with our property value tool!