Property management comes fully stacked with a suite of tasks like leasing, inspections, rent collection, repair and maintenance, and even accounting. Maybe time is a significant constraint for you, or you lack the necessary skill set. You may also own multiple properties in different states, making it difficult to carry out tenant screening effectively. This is where the concept of outsourcing comes in. You can hire a property manager to act as the intermediary between you and the tenants, or prospects.
Factors To Consider Before Hiring A Property Manager
- Location and number of your properties
Tenant satisfaction is every landlord’s objective. You must create a viable relationship with your tenants. Therefore, if the place you live is far from your property, consider hiring a property manager. The manager will be more readily available to handle tenant issues like apartment swaps, requests for maintenance, and rent collection. Furthermore, you eliminate the headache and cost of making interstate trips to keep an eye on numerous properties. If you have multiple properties in different places, opt for a property manager employed by a reputable firm with a presence in most states. This way, you are assured all your properties, and tenants get the services they deserve. On the other hand, you can hire a different property managing agent for each of your properties, if your finances allow it.
- Experience and personality
Your options are endless when it comes to hiring someone to help manage your rental units. If you have outsourced a property manager’s services before, you already know what to look for. However, if you are new to the process, ensure you select a person with the proper skills. The majority of the best property managers have worked in the real estate arena hence garnered years of vital experience. They come readily armed with the necessary tools and know-how. Most are affiliated with a larger firm, while others are reputable freelancers.
Do they have relevant experience with your type of property? Commercial tenants vary significantly from the residential kind as they each have different needs and expectations.
On top of this, pick a property manager with the desired personality traits. You want someone who has the necessary skillset and character. They should be able to retain a business relationship with you while being approachable and helpful to the tenants and prospects. A trustworthy and social person with an awareness of accounting and some real estate experience could make the best property manager for you.
- Your budget
Consider all costs associated with the property management service to determine if you can afford to hire them. Be sure you are familiar with the various fees the manager may charge like advertising, tenant placement, maintenance, and evictions. Be ready to part with a dollar or two for charges incurred from their services. Carefully evaluate your bank account to ascertain if you can afford to employ a property manager. However, be careful not to fall into a financial crisis all in the name of hiring help.
Hiring someone else to run your commercial or residential property is a massive decision. Conduct ample research and ask for referrals and recommendations. Ensure you choose the right person for the job as they will serve as a reflection of you to the tenants.