5 things to consider when choosing a property manager.

5 things to consider when choosing a property manager:

When choosing a property manager, there are a number of important factors you will want to consider. We have broken down the top 5 most important aspects to finding the right property manager to handle your investment portfolio.

Consideration #1 – Specialization.

It will be important for you to choose a property manager that specializes in property management. Many firms today are only part-time managers or are new to the business. The risk in going with a “part-timer” or new management firm is they often lack the know-how and technical aspects required for sound property management service. For example, The lease agreements you use should be reviewed by a qualified real estate attorney who has experience in residential rental homes and tenants. The lease we use at our property management firm is the result of 20 years of being in the trenches and coming across almost every situation you can think of. We will get together and work on our leases with our attorney once a year to make sure things are up to date and that we can be covering ourselves as landlords while ensuring we are adhering to all fair housing laws. If you have a manager using boilerplate lease agreements you may be opening yourself up to risks you didn’t even know existed.

Make sure your property manager is experienced and specializes in managing your specific type of rental property. Our firm has teams that specialize not only in property management in general but also for specific property types. We have teams for Single family rentals, condo rentals, multi-family rental properties, commercial, storage, on-site HOA and community association management. A strong team is a key component for effective property management, that’s why it is consideration #2 (although it should probably be number 1).

Consideration #2 – Strong Team

When it comes to effective management of rental properties you need a team of experienced personnel. There should be someone available in all components of a “housing system.” This housing system refers to the Plumbing, Electrical, HVAC, Roof, Structural, etc. No one can do it all alone, especially in the business of property management. At any given time you may need help in a particular area of concern and you need to have a team that’s ready to go. When a pipe bursts in the middle of the night, now is not the time to find a plumber. You need to know that someone is ready to go at a moments notice. This is only possible by having a strong dedicated and experienced team in place BEFORE anything happens, not after.

When it comes to maintaining your rental property or making repairs you should have the piece of mind that you are getting the best quality work and the best possible price without having to do a lot of shopping around or getting quotes for vendors and handymen.

We make sure we have every possible situation covered by a top professional in that field. Whether it is a maintenance or mechanical issue. Administration and accounting, legal, tenant relations, and more. Make sure that the property manager you hire has a large and effective team that specializes in their area of expertise and is going to work directly on your behalf managing your rental properties.

Consideration #3 – Technology and Systems

Does your property manager have effective systems and technology in place for managing your rental property? They should! We like the convenience of using a cloud-based accounting software. As an owner, you can access your financials from anywhere. For property managers, it offers a more effective and efficient way to communicate with the team, the tenants and you the owner. We even have a mobile-based App that will allow us to send out maintenance requests to our management team and ensure they are tracked and taken care of in a timely manner.

Always be in the know when it comes to your rental properties performance. Make sure your property manager has effective systems and technology in place.

Consideration #4 – Effective Tenant Screening.

While the role of the property manager is diverse. The way tenant screening is conducted is one of the most important factors in all of property management. It all starts with choosing the right tenant. Without the right tenant, nothing will work the way it should and it makes everything else more of a challenge. Your property manager should make finding the right tenant for your rental their number one concern. We ensure that only the most qualified tenants are approved. We perform background and credit checks. Employment & income verification. Rental history and evection history. Along with all other available tools that are available for choosing tenants. Ensure that your property manager always observes fair housing laws when it comes to screening and choosing a tenant.

Consideration #5 – Local Marketing

The key to finding the best tenants for your rental property is to have plenty of applicants to choose from. This happens through effective local marketing. We are experts in marketing and advertising homes and apartments for rent. Utilizing best practices for finding and securing tenants is a huge priority. The more applicants available to choose from, the higher the likelihood of finding the perfect tenant for your property.

It all starts with the internet. We advertise extensively in a number of rental verticals offering your product (rental property) to the largest number of interested parties. We are experts in website and internet advertising and generate huge interest in your rental unit when its time to find a tenant.

To make the most money with your rental property, choose a property manager who is established in all areas of consideration.

Written by: “Property Management Pete”