You may think a property manager is not worth the investment, but you’ll be able to maximize your time and efforts by delegating daily tasks to someone who specializes in property management. With a shortened to-do list and less stress, you have more freedom to invest in other properties and earn more profits.
But how do you know what to look for in a property manager--one that will be a beneficial addition to your real estate investing strategies? Keep reading for 5 signs that ensure you’ll have your rental properties in the hands of a reliable person.
1. Fair Pricing
Some people may think that the most expensive property management company is the best, but cost doesn’t always correlate with quality. A fair property manager will charge about 10 percent of gross rents. Anyone charging more than this should have strong reason for doing so. If you don’t notice anything exceptional about the property manager, move on to another option.
2. Organized Processes
Property managers have a lot on their plate. They’re responsible for collecting rent on time, screening potential renters, handing maintenance requests, dealing with evictions, and much more. Inquire about the property manager’s processes and make sure they have it all together before you hire them to take care of your investments.
3. Attentive to Tenants
Tenants are sure to get frustrated if the property manager doesn’t respond to their requests and questions in a timely manner. If they get frustrated enough, they may just move out and find a new place to live, and a high turnover rate will only cost you more money in the long run. Make sure the property manager has a habit of quickly responding to tenants’ needs and visiting the property regularly to make sure everything is going smoothly.
4. Experienced
No matter how much you like a property manager, it’s best to choose someone with experience. All kinds of things can go wrong with managing a property, and the more experienced managers will know how to handle anything that comes their way.
5. Good Communication Skills
If you’re living out of state or don’t have time to stop by the property management office, good communication skills will be crucial to ensuring things go well at your rental property. Look for someone who knows how to write clear emails, answers their phone, and responds promptly. You also want a property manager who will be an effective communicator with tenants. Those who are hard to talk to or unlikeable will drive tenants away.
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