Choosing a property manager is a big decision since they play a crucial role in protecting your investment. The quality of their services greatly affects how successful your investment will be. To help you make this important choice, we’ve put together some tips on finding the right property manager.
RELIABLE COMMUNICATION
Good communication with your property manager is essential, especially if you don’t live near your investment property. Make sure they respond quickly to your emails and texts. Are they available in emergencies? Do they provide detailed and useful answers? If you constantly have to chase them for replies or get passed off to their assistant, these could be signs of poor business practices, and you might want to reconsider working with them.
TRUSTWORTHINESS
You need to trust your property manager to handle minor issues and repairs responsibly. They should always prioritize your interests and manage tenant relationships effectively. Be cautious of property managers who inform you about repair work or costs only when you receive your rental statement; remember, they work for you, not the tenant. While having good tenant relationships is important, their relationship with you, the client, should always come first.
EXPERIENCE
A property manager’s skill is often shown through their experience in the industry or region. Good local knowledge allows them to offer better service. If they are familiar with the local real estate market and have experience managing properties in the area, they’ll understand expected rental incomes, potential tenant profiles, and the best strategies for managing your asset. They’ll also know how to spot problematic tenants, which is invaluable for an investor who isn’t nearby.
Choosing a competent property manager can significantly boost the performance of your investment property. It’s wise to pick someone experienced, knowledgeable about the local market, and capable of maintaining a strong business relationship.
We’d love to know what factors you think are important when selecting a property manager for your real estate assets. Feel free to share your thoughts in the comments below.