6 Tips for Hiring the Right Property Manager
Anyone in the real estate industry will tell you how hectic it can be to manage a property. Whether it is commercial or residential, you need someone with the know-how, energy, and time. A property manager is responsible for various activities within your building including;
- Collecting rent
- Answering questions from the tenants
- Ensuring the building is in the right condition
- Ensuring that the tenants are making payments on the right time
- Providing tenants with notices in case of late payment and about the rules of living within the building.
- Exercising eviction when necessary
- Providing you with accounting of all money collected from your property every month
- Regularly inspecting the property and carrying out any necessary repairs.
Considering the sensitivity of the above responsibilities, it is important that you hire a property manager that you can fully trust. At Rent Directory, we make it our responsibility to connect you with the most appropriate property management company. To achieve this, we don’t do it blindly but instead, follow a criterion that ensures every property owner is matched with the right property manager.
With so many property management companies available, it may be hard for you to decide which the right one for you is. However, using the tips below will ensure you end up with the best manager for your property.
- Familiarity with the local neighborhood- a property manager has to ensure your building is occupied, otherwise, there would be nothing to manage. For him to do this, he has to be familiar with the local area so as to attract tenants to your building. Familiarity with the neighborhood gives him a clue of what tenants look for and hence ensure your building meets the standards.
- Possess the right marketing skills– the only way a property manager can get your building filled with tenants is if he has the right marketing skills. We ensure we connect you with a property management company that knows the area, who in turn recommends the right tenants to you. At the end of the day, it is a win-win situation for both you, the tenant, and the manager.
- Uses property management system– as earlier mentioned, property management is not easy. However, making use of property management software not only makes the entire process easy but successful as well. Connecting you with a company that uses a software ensures that rent, inspection, maintenance, and repairs are all recorded accordingly.
- Highly qualified staff– as a property owner, you need your rental income. You, therefore, need a company that portrays high financial management skills, integrity, and complete accuracy in handling money. The staff working with the company should be well trained in principles of accounting.
- Impeccable customer service skills– your tenants are your employers and especially you entirely depend on rent money for income. You, therefore, need someone who will handle them in the right manner and not harass them. To make sure the property manager has good customer service skills, set a meeting or two before hiring him to manage the property. You can even set a video call via Skype during which you will gauge whether the manager meets your expectations or not. During the meeting, be sure to ask him how many properties are under his management. If you feel rushed during the meeting, then maybe he is too busy to take on another property. In general, a part-time manager should handle up to 50 properties while a full-time manager should have 100 properties under his management.
- Take the property management company through an interview– when handing over the responsibility of your building to a property manager, you need to make sure that you are doing so to a manager who is properly equipped to handle the responsibility as expected. You, therefore, need to ask for the company’s experience in handling property. They should also provide you with viable references to properties they are currently managing.
Questions to Ask the Property Manager before Hiring?
When interviewing the property manager, there are a series of questions that you need to ask. He should be able to provide with answers without hesitation or beating about the bush. These questions include the following;
- How long have you been in the property management business?
- How many properties are under your company’s management?
- How long will it take you to find tenants for my house?
- How often will carry out inspections in my building?
- What if my property is not meeting the tenant’s standards?
- When will you be paying me for rent?
If you are a first-time investor, the idea of buying a brand new building will be daunting. This is when many landlords decide to buy-to-let...
It is not uncommon for many property owners to have a ‘no pets’ policy for their rental premises. The most significant reason behind it ...