Have you ever considered hiring a property manager but are not quite sure where to find quality candidates? Use these 6 tips to find someone that will suit your needs best.
- Find your candidates– Ask your trusted friends and family for a referral. If you don’t get any suggestions there, do an online search but make sure you read their reviews first.
- Compare skills and personalities– As you meet with each candidate, assess personalities and presentation. Think about how your potential tenants will respond to their appearance and professionalism. Find out how much experience the person has in the field. How many properties have they rented in the past? Were they single family or multi? Is there a particular location they focus in? Make sure your personality is a good match with theirs as you will be in close contact with them.
- Find out their marketing strategies– Ask potential managers how they will market your home. Also, ask how they will be showing the properties. If they only show during business hours, chances are it will take longer to fill your vacancy. Are they personally showing your home? Some managers allow potential tenants to use an online system where they are allowed to access the home without anyone present. This could lead to theft and vandalism.
- Find out how tenants will be screened– Tenant screening is the most important aspect of successful property management. Make sure they are checking criminal history, credit history, previous eviction history, previous rental references and verifying employment and adequate income.
- Determine how maintenance will be handled- Most property managers will retain a small cash reserve from you to cover potential repairs. Make sure you are comfortable with the amount they require and that you will be notified of maintenance over a certain dollar amount. Ask how they will handle emergency calls and how they evaluate damage after the tenants move out.
- Compare fees- Most property managers charge a flat fee of the collected rent. Make sure you ask about tenant placement fees, advertising fees or any other potential fees involved. Don’t be tricked by a low monthly percentage that can nickel and dime you with other fees.