When it comes to hiring the best property manager, there are many things to consider. Hiring a property manager or property management company can really save you time and stress when it comes to taking care of your property, handling rent and dealing with tenants.

Benefits of a Property Manager

A good manager will also know how to maximize your property’s value, keep units full and minimize costs without sacrificing quality. The manager can bring knowledge and experience to the job that you may be lacking. Managers and companies do cost you money, however, so look at your overall budget to see if hiring one makes sense for you.

If you are too busy to run the day-to-day operations for your rental properties, consider hiring a property manager. Whether you choose an independent manager or use a property management company, it’s important to do your research to ensure that the person running your business knows what they are doing and has your best interests in mind. The best property managers do more than just collect rent—they do everything from marketing to tenant screening to processing evictions.

Do I Need a Property Manager?

There are many factors to consider when deciding whether hiring a property manager is right for you:

• You don’t reside near your rental properties, either in a different city or another state.
• You own many rental properties or a property with many units
• You don’t like or aren’t good at property management tasks and responsibilities.
• You own property that receives financial assistance from an affordable housing program.
• You work full time elsewhere and simply don’t have the availability.

How to Hire the Best Property Manager

One of the biggest mistakes you can make is to hire a property manager that isn’t very good, can’t perform the duties and ends up losing you money. To avoid the costly error of hiring a bad property manager, read up on these mistakes landlords make when hiring a property manager.

1. Don’t go on price alone

You may think that all property managers or management companies are essentially the same and choose the one with the lowest rates. It’s hard not to base your decisions on price when it comes to your business, but it’s essential to consider a variety of factors in addition to price when it comes to the care and management of your rental property.

2. Always check references

You can get references for other property owners, as well as real estate agents. When you get a reference from someone, make sure that the other property is similar to yours in size and scope, otherwise you may be setting yourself up for failure. Also, if your property requires a certain expertise, such as being a low income housing rental unit, look for a property manager with that background and proper references for that specialized niche.

3. Ask very specific questions

It’s not enough to just ask vague questions about how they like their work. Hit them hard with specific questions that will let you know how they will treat your property and ultimately your business. Some specific questions include how they plan on dealing with after-hour emergencies, or how they plan to advertise vacancies. Other ideas include asking how they plan to control maintenance costs and what type of liability insurance do they carry to protect you and them from lawsuits.

4. Get a commitment outline

The best property manager may have several properties to manage, so get an outline of how your property or properties will fit into the current management structure. Ask how often your property will be visited in person and listen to the potential manager’s thoughts on how he or she will approach your property’s needs, from tenant screening to lease renewals and everything in between.

5. Match personality

You’ll be hearing from the property manager often enough that you want to make sure that you get along on a professional level and that you like their style of communication. It’s a mistake to think you will be turning over everything to the property manager and you’ll just go on autopilot. Instead, recognize that you’ll be working through issues large and small with this person or this company, and you need to feel like you are on the same page to start.

Do you use a property manager? Why or why not?

From:  http://www.rentprep.com/