More and more people are now investing in real estate and not everyone knows how or can be able to manage their property. One example is if you purchase or own a rental home in a different state, and you might find it quite difficult to adequately manage it yourself.
This is where you hire a responsible and trustworthy property manager who will not only collect rent and other fees on your behalf but also handle regular property maintenance and respond to the renters’ needs. Whether you hire a local independent contractor or a regional management company, here are five tips on how to find the right property manager for you.
- Ask for referrals.
The fastest way to find a respected property manager is by referral. Don’t hesitate to ask around. Who sold you your home? Does your real estate agent know any good property managers? Do you have friends with investments in the same area?
Don’t forget to check the California Department of Real Estate, that your potential property management company is licensed and has no complaints against them. In California in order to be a Property Management you need to be a licensed broker.
- Go with your gut feel.
If it’s possible, interview each candidate in person. Is the manager put together and well-spoken? Put yourself in the tenants’ shoes. Is it Local or near your property? Would you want to deal with this realtor?
- Check out their Social Media Marketing and Advertising Strategies.
Their social media says everything about how the realtor markets their rentals and how they advertise. Don’t hold back on your questions.
- Negotiate terms and conditions of the contract.
Review the Owner/Property Manager agreement. Know their terms and conditions, the fees, your means of communication, how much they charge for their services, just make sure you’re getting your end of the rope.
- Evaluate the manager’s tenant lease agreement.
It is important to evaluate how the manager deals with renters. Know their responsibilities and what they’re capable of.
Look into the important details: What are the lease terms? Who will oversee the maintenance of the property? How are rental fees handled? If anything is unclear to you: ask questions.
Finding a property manager is not a walk in the park, you need to allocate enough time and effort in choosing the right realtor, before hiring one, it will save you hours of headaches in the future. Make sure to be diligent, and your property manager will reward you with a trouble-free investment.
J&C Property Management