Tips for Hiring the Right Property Manager

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You made the investment and spent a lot of time and money getting your rental property in shape to rent out. Now only one step remains – hiring someone to manage your property. Finding the right Property Manager to manage your real estate investment is a big decision – one that you shouldn’t go into lightly.

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You need to do your research and due diligence before you pull the trigger and choosing a person to manage your investment.

Property Manager

There are some important qualities to look for include in a manager – organization, honesty, integrity and real-world experience.

In this article, we’ll look at a few tips to help you sort out the wheat from the chaff and find the best person to manage your real estate investment.

Tips for Hiring the Right Property Manager

Ask Your Candidate How Many Properties They Currently Manage

You should always ask how many units your potential manager is currently managing and how many employees are managing the units.

Here is a rough rule of thumb regarding property management – if you have a trained manager with the right resources and methodology can handily manage between 30 and 40 units.

This is not including any accounting that may be needed.

So if you are interviewing a potential manager that is already almost at capacity  – say 34-37 units and you have a need of having them manage seven or so more, you may want to look elsewhere as the quality of their service is likely to suffer.

Do Not Hire A Property Manager If They Are Also A Property Owner

Stay away from property managers who are also property owners.

While it may seem like a good idea to hire a property manager who has rental properties themselves, it, in fact, results in a conflict of interest.

Your properties and tenants will always compete against the manager’s property and tenets for attention.

And if there is a vacancy in your property and one in your manager’s/owner’s properties, who do you think will win out?

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Hire A Property Manager Committed to Routine Inspections

A critical component of property management is being on-premise on a routine basis.

Get a commitment from prospective managers how often they plan to do formal inspections of your properties.

Stay away from property managers that want to charge you more for routine inspections – this is part of their job, not an extra.

Look For Property Managers That Listen

Avoid property managers that think they know everything. If a prospective property manager is constantly interrupting you, then you are in for a lot of trouble if you hire them to manage your property.

A good property manager listens to your questions and concerns and always looks for a way to accommodate you and keep you happy.

Make Sure Your Property Manager Uses Good Management Software

You will want to make sure that the property manager you hire is using quality management software. Ask for sample output from any prospective managers.

If your candidate doesn’t want to share – steer clear!

The wrong software can hamper their efficacy and also reduce your profits.

Find A Property Manager That Deals With Maintenance

Always ask a potential hire how he or she addresses maintenance issues.

You can resolve this as a property owner in a couple of ways.

For instance, you can expect your property manager to make maintenance decisions up to a certain dollar value amount before obtaining your permission for repairs.

Some property managers will add a 10% maintenance fee on top of the invoice they send to you for management.

Though this fee may be hard to eliminate from a hire, always try to negotiate and get the fee waived.

Hiring The Right Property Manager

With a little bit of legwork, you can find the right property manager to manage your real-estate investment.

The key is to use the tips above and to not settle. If you don’t get it right be quick to correct and you will soon find the right person.


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6 thoughts on “Tips for Hiring the Right Property Manager

  • Finding a property manager who is willing to commit is a good sign! I would say that the more willing they are to do the inspections of properties, the better. That shows that they really care about the success of the property itself.

  • It’s great that this article talks about the importance of researching property managers before choosing which one to hire. I especially like your advice to find one that will listen to your questions and concerns and prioritize accommodating you. In order to find one, you’d probably want to research local companies that specialize in property management services and then set up an appointment so you can meet with them in order to ask questions and make sure you’re comfortable working with them.

  • My father has been thinking of getting some extra income by renting out property. I love how you mentioned that he should hire a property manager that has quality management software, as they can help you be more efficient. These tips will help my father find a great property manager to help him rent homes, so I’ll be sure to share them with him. Is there anything else he should keep in mind?

  • Finding a property manager seems like it would be very beneficial to property owners. Thank you for pointing out that you should make sure the manager you hire uses the best management software. This seems like a great way to find a great management company. Hopefully, owners of properties look into finding the best management services possible.

  • My brother and I have been thinking of investing in some rental property, but we’d definitely need a property manager. I appreciate how you suggest finding a property manager that will handle maintenance for us. Given our busy schedules, this would be the biggest reason why we would want to look into hiring a property manager.

  • My father has been thinking of renting out property, so it might be best if he hires a property manager. I like how you mentioned that when looking for a property manager, you should make sure they have a method for dealing with maintenance issues. These tips could help my father find a great property manager if he decides to rent houses, so thank you for sharing.

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