Property managers provide an invaluable service to modern landlords, as management companies ensure the health of the landlord-tenant relationship. From handling everyday repair requests to vetting would-be tenants for available rentals, an effective property manager takes the headache out of your property investments. Of course, not every property manager possesses the resources and staff to manage your rental property correctly. Before signing on the dotted line with a potential management group, use the following simple keys to find the right solution for your business.
Examining a Manager’s Portfolio
Ideally, you should look to work with managers with plenty of experience with residential properties. An experienced manager recognizes the unique challenges residential tenants pose, and these professionals possess a keen understanding of how best to deal with rental issues. When considering candidates on your property management hunt, take the time to discuss the management group’s experience with similar properties. If a management company can demonstrate proven success with a similar landlord, it’s safe to assume you can expect similar results with your own rental properties.
Discussing Rental Protocols
Every property management group establishes unique processes for handling the challenges of maintaining a rental property. When you partner with a property manager, you want to find someone you can trust to handle the intimate details of your business. Furthermore, you need a property manager with established protocols for dealing with the various demands of modern rental properties.
For example, as a landlord you will inevitably encounter tenants who fail to pay their rent. Ask prospective managers how they handle such scenarios. What is the standard procedure for vetting new tenants? How are vacancies advertised, and what steps does the manager take to ensure empty properties quickly find new tenants? By taking the time to ask these important questions at the beginning of your relationship, you can ensure you find a property manager whose management style lines up with your business strategy.
Reading the Fine Print
When you first contact a property manager, you’ll likely receive a sales pitch that outlines the group’s overall appeal to landlords. While this information helps give you a general overview of the services the manager provides, take the time to review the management contract before you sign. Read the fine print and be certain to clearly discuss the fee structure in place. Additionally, you should review the property manager’s liability insurance coverage, and ensure that you will not find yourself in a legal dispute due to the manager’s negligence. By investing the time to handle these tasks at the beginning of your relationship, you minimize your financial and legal risks over the long haul.
Finding the right property manager often feels overwhelming for landlords. By taking the time to carefully vet candidates and review their professional portfolios, you narrow down your prospects quickly and efficiently. If you still have difficulty finding the right manager, don’t hesitate to speak with other landlords for referrals. You can also research property management groups online, where many clients leave reviews of their services. By utilizing all of the information available to you, you can ensure you end up with the right property management match.
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