4 Questions to Ask When Choosing a Property Manager
Updated: Jun 6, 2019
When you’re ready to move away from the day-to-day hassles of renting your properties yourself, hiring a good property manager is the best option. Certain details shouldn’t be overlooked when you sit down with a management company. Make sure they offer what you need to keep you legal, help you manage your property, and protect your investment.
But that’s not where you search should end, especially if you have a choice between multiple property management companies. There are other factors to consider when hiring a property manager. Consider these before making a decision.
1. Are They a Good Leader?
What kind of team have they put together? Are they a one-person operation trying to manage dozens of properties as inexpensively as possible or do they have people to assist them - and you? Vendors should be some of the best around. Employees should be energetic and knowledgeable. All points of contact between you and the company should be professional, helpful, and pleasant. These are the qualities of a leader who’s built a solid team ready to do business the right way.
2. Will They Be Your Partner?
Your property manager should be on top of what’s going on with your rental - non-payment, repairs, and marketing - without reminders from you. They should view your success as their success and work with you, as much or as little as you prefer. A property manager who’s only working for their monthly commission and isn’t actively making your life a little easier isn’t your partner. It’s likely you’ll have to check on them and follow up yourself, instead of the other way around.
3. Do They Understand Your Financial Investment?
Everyone has a different reason for renting their property. It’s a home you couldn’t sell, the place you want to retire to, or a source of income. There is no right or wrong reason for becoming a landlord, but you need someone who understands what you’re doing and why. A good property manager will guide you through the process of renting until you’re ready to sell or move in. They’ll help you look after your property so it stays in excellent condition. They should be able and willing to make suggestions on how you can improve the value of your property.
4. Do They Have a Solid Reputation?
With the number of social media platforms and review websites, it’s not difficult to find out what people think of a specific business or person. When you work with a property manager, you want them to have a reputation of fairness, high quality, good customer service, honesty, integrity, and good business sense. Check the Better Business Bureau for complaints. Look them up on the Department of Business and Professional Regulation (DBPR) website to make sure they’re licensed in Florida. A quick Google search may pull up all kinds of information about what other people think about them.
The services a property management company provides are extremely important. But it’s also good to know you’re working with a company, a team, and a property manager you can depend on to do a good job, work with you, and help you achieve your goals as a landlord. If you’re looking for someone you can rely on and trust to help you manage your properties, contact us at ERA American Real Estate.