Finding a Good Property Manager

If you have rental properties, or are planning on acquiring some, you need to know that they can be a lot of work to manage. You have to collect the rent, keep up on repairs, and even enforce evictions if necessary. You can hire a property manager to accomplish these tasks for you and free up your time.

There are a few things to consider when finding a property manager. The first is cost. The typical property manager charges a monthly fee, usually anywhere from 5%-20%. While you want to save as much money as possible, keep in mind that cheaper is not always better and you get what you pay for.

The second consideration is the agreement. How long do they set their standard agreements for? What happens if you don’t want to use them anymore and terminate the agreement early? Are there any penalties? It is important to find these out up front.

Another consideration is how they handle the repairs and maintenance. Do they have their own crew, or do they hire a handyman? Do they have a set maximum that they spend before they contact you for authorization? Do they do yard work?

Some property managers will help you find tenants. If they don’t, you may want to find one that does as this can save you time and lost revenue from vacancies. Just make sure that they don’t charge you extra for this service. You also need to find out what type of advertising they do to find tenants. You want to make sure their advertising is effective.

Finally, get some references. Any good property manager should have a few satisfied clients that can tell you about their experiences.