You invested 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.
You need to do your research and due diligence before you pull the trigger and choose a person to manage your investment.
There are some important qualities to look for inclusion 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.
Table of Contents
Tips for Hiring the Right Property Managers
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 does not include 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.
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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 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 on 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 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 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 Managers
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 not settle. If you don’t get it right be quick to correct and you will soon find the right person.
A quality property manager should be attentive and know all of your needs. If your property manager cannot meet the needs of your company and so so good at communicating, you should look for a new property manager who can.
A good property manager will have good customer service quality, remain proactive and proactive, and have good quality knowledge of what they’re doing. It’s important to have a property manager that is approachable and communicative, and that always answers clients’ questions. Consider a property manager’s experience, how many properties they have managed, and how promptly they respond.
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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.
You’ve got good advice for hiring a property manager. I love how you said that it’s good to see how many properties they have. We’ll find someone who isn’t crazy busy for our rental property.
I appreciate what you said about being on the premises on a routine basis in order to check up on things. Locating the best property manager is of the utmost importance because they can rent your building to only the finest of tenants. My brother wants to buy an apartment complex, so I’ll make sure to help him find a realtor that can help him locate the property of his desires.
Good article! I loved the point there is no need to hire the property managers if they are a property owner and use of management software. Along with your tips, I want to share top 5 reasons to hire a property manager.
I like that you suggest looking for a company that also deals with the maintenance of the property. My parents are getting a little old to take care of their larger home by themselves, so we are planning on downsizing to a smaller house. I will keep this in mind while we are looking into property management companies that can take care of the renting process of the house.
My husband and I have a few vacation properties that we are thinking about renting out this summer. You make a great point that we should hire a property manager who will handle all maintenance issues. This way we can save a lot of time and it gives us peace of mind that we won’t have to worry about calls from tenants.
Thanks for these tips on how to find a rental property manager. I recently bought a cabin on a lake and want to find someone to manage it. When I find someone to do the job, I’ll have to remember to make sure they’re committed to routine inspections.
I was looking for things that one should consider when hiring the right property manager. After reading this blog I have got answers of all my questions. Great Job! To get property management service, you should get in touch with a professional property management company to get the desired results.
Thanks for these tips on how to find a good property manager. It would make sense to find out how many current properties they already manage, as you suggest. My husband and I are looking for a property manager, so we’ll have to check how many they already manage.
It was interesting to see that I should ask them how many properties they are managing. My dad really wants to travel and wants to rent out his house while he is gone. Getting a professional to look after it would be really nice for him.
Thanks for explaining that on-premise inspections are important in property management, so we should as any manager we’re considering about how committed they are to formal inspections. My husband and I want to start investing in real estate, and we think we’d like to hire a property management service to save us the time and stress of finding tenants. I’m glad I read your article because I think finding the right property manager will be important for my peace of mind, and you helped me feel prepared to find the right one!
I like how you said that hiring a property manager who also owns property can be a conflict of interest. My aunt is in the process of getting another property and she’s thinking about getting a property manager. I’ll make sure to tell her this useful tip!
I really like how you give the tip that it’s important to avoid property managers who think they know everything. Recently, I’ve wanted to find a way to save time and not have to worry about my property so much. I’ll have to look further into realty property management services.
Wow. I am definitely going share this with a few of my friends. Very cool information.
I know I hate it when people interrupt me, so it makes sense not to hire a property manager that interrupts people all the time. I’ve been looking into becoming a property manager, so I was looking up tips on how to be a better one. In the meantime, I will research how to become a property manager.
It is good to know that hiring a property manager who already owns property could create conflicts of interest. Having someone work for you that is working for themselves can create confusion and even stress because they are competing against you. By hiring a property manager that doesn’t own other properties you can be sure their focus is on your estate.
Thanks for the advice for finding a good property manager. You mentioned that you should learn how a manager addresses any maintenance issues, like if they make certain maintenance decisions up to a certain dollar value. It seems important to discuss this in detail especially if it can give an owner an idea of how much they can expect from a manager.
My father-in-law has a few properties that he wants to rent, and he wants to hire a property management service. It makes sense that you would want to hire someone that has other properties in management. I will pass him this info so he can find a professional to help him out.
I recently inherited my family’s lake house and I want to find a property manager to take care of it. When I do, I’ll have to consider how often they will plan to inspect the property before I hire them. Knowing someone with conduct regular, frequent inspections would help me know that my property is getting properly looked after.