One of the most important decisions you can make as a real estate investor is hiring the right property manager for your investment property. The difference between a cash-flow positive property and a drag on your finances can be an experienced, professional property manager.
You should always interview more than one property management company when you’re evaluating property managers, but do you know what to look for in a property manager? If not, these tips will help put you on the right path.
Find and experienced property managers first. Find out how long they have been in the business and how that experience can help you, because just like in any business it's not what a manager does, its what one knows.
Look for property managers with ten to fifteen miles of your property. You need managers who are willing to be hands-on and local when it comes to managing emergencies and conducting inspections.
Make sure your manager has a system for doing inspections. Just because they’re local doesn’t mean they’re up on inspections, so get a guarantee they’ll inspect the property.
Inquire as to how many properties the property manager currently manages. You want to be sure they’re not taking on more properties than they can handle. It’s important your property remains a priority.
Ask what sort of technology they use to help them manage properties. Also, be sure to check out my website, marketing, and my social media presence, as a tech-savvy real estate professional you will see we have an advantage.
Be clear about fees. Make sure you understand every detail about the manager’s fee structure, as many within the industry have lower upfront fees but make them up in other places like service calls, property visits, and lease renewals, just to name a few.
Ask them to detail their screening process for tenants. Don’t be shy about asking them what sort of modifications they’re willing to make based on your preferences.