How to Find the Best Rental Property Manager
Updated: Jan 22
We can imagine the amount of stress being a landlord can have. Having more than one property to manage might be next to impossible for a single person when it comes to time management and the duties you should perform to make sure it’s a good income stream.
Enter the property manager.
A property manager can replace you when it comes to a variety of the day-to-day upkeep tasks associated with owning and managing a property. Cleaning up, maintaining the inside and outside of the property, verifying for damage, collecting rent, and other tasks are all included in this category. A good property manager can also find suitable tenants and advertise the vacant property.
Above all, having a specialized staff assigned to maintain everything related to your home will provide you peace of mind while ensuring that your belongings are properly managed by someone who knows what they're doing.
But how do you get to have this good property manager that will take all your worries away? We prepared for you a couple of tips and tricks for finding the best fit.
Individual vs. Company
One of the first things you should consider is whether you want to hire an individual property manager, which is a single person in charge of your property, or a property management company, where your property is handled by a team of people. The first option might be the best choice for you if you own one or just a few properties to be managed. Before you hire one, see if they are managing other properties and if they would have enough time to attend to yours. The upside is that you won’t break the bank hiring one. The downside, however, is that if you plan to scale up your property portfolio, they might not be able to take on the extra workload.
The second option might be better for you if you have multiple properties to manage. A team of multiple professionals will be ready to attend to the needs of your properties and any complications that will emerge. The downside of this is that they might be pricier than an individual property manager. The upside is that there are many companies out there, so finding one that suits your needs will be easy.
Ask for recommendations
Don’t be afraid to go and ask for recommendations from people you trust, whether they are your friends or family that also own property or your real estate agent that can advise you in making a decision.
Ask about how was the relationship with the manager, what are some points where he excelled at and where he didn’t, and whether they recommend him or not. This will give you a good idea of what you can expect from your own property manager.
Living in an era where most things are online has its benefits. It has never been easier to find new names when it comes to this niche. There are websites that help you find management companies that activate in your area. We also recommend asking in social media real estate communities as they typically have an extensive network you can choose from. Once you have a few written down, you can easily search for reviews on them.
Visit their estates
One of the best ways to make sure they are up for the task is to see how they handle things for other customers. According to these Chicago property managers you can ask them and the landlords they are helping if you can go inspect a property to see how well that is taken care of. You can also ask the manager to give you a few references to check if they can maintain a healthy professional relationship.
This will give you a peek behind the curtain and help you make an educated decision.
Checking their credentials and background
Most states require that property managers/management firms have a real estate broker's or property management license to advertise vacant properties. To find out if a candidate's brokerage license is still valid, contact your state's Real Estate Commission. You'll want to know if the manager has earned certification from a trade organization.
A good property manager is a great asset to have. It will allow you more time to engage in other activities, less stress, and better organization when managing more properties. However, be careful to make your research well to avoid hiring a bad one.
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