Carefully researching the property markets and then finding the top investment after spending a large amount of time and effort is what investors do. However, they forget the role a property manager can play in maximizing the profits from their scrupulously chosen property. A good property manager maximizes your property’s value, minimizes costs that too without sacrificing quality. Hiring the best property manager can loosen your to-do list and relieve your management burden. Thus, allowing you to enjoy the benefits of a rental estate. Here are a few tips to help you in hiring the best property manager for your estates.
- Always check references and reviews
Get references for various property managers from other property owners or from your real estate agent. After getting the reference, make sure the person has managed properties similar to the size and scope of your property. Ascertain that the property manager has the specific requirements you need for your specialized niche. Be sure to go online and check the reviews about the person you are willing to hire.
- Assess certification, skills, and personality
It is very important that the property manager you are thinking about hiring is licensed. This will mean that the person has gone through approved property management courses and cleared a state licensing exam. The other important factors are the charisma and marketing skills of the manager. The best property manager is someone who is aggressive in advertising your home for rent so that you do not carry the costs of a vacancy. A presentable and professional property manager will give right impression on the potential tenants.
- Ask specific questions
Do not hesitate in interviewing your potential managers. Ask important questions such as:
- Who would manage your property after signing the lease?
- Will your property get inspected on a regular basis?
- Who would show the prospective tenants through your property until it’s rented?
- How often would they communicate with you when your property becomes vacant?
- How would they recover rental arrears and will they assist in lodging insurance claims?
- What is their process for dealing with repairs and maintenance of a rental property?
- Can the manager provide verbal progress reports when asked for?
- Discuss the fee structure
It is standard for the average management fee to range from 7-10%, but it may not be the only fees the manager will ask you for. Therefore, be diligent and ask clearly about the commissions, or additional fees. Hiring the property manager must not prove to be costlier, so compare all the expenses and savings that will occur once you have hired a property manager then make your decision. Compare fees of various managers and choose the most economical one.
- Go through the property management agreement
Frame a written agreement between you and the property manager. Include a termination clause in the agreement, if you find that you are unhappy with your property manager, there should be a pre-defined method for ending your contract. The responsibilities of the property manager and owner must be clearly defined in the agreement.
The above-stated tips will help you find the best property manager, who will help you increase your cash flow, allow passive incomes and great rate of interests.