You have a vacation home, a second home or maybe you have just inherited another home and instead of selling in you decide that you want to rent it out, so you go and hire a property manager. Now is the time you find a few surprises just waiting for you.
Many property managers today are not professionals. They may have management experience, but not with your type of property; or they may take the job less than seriously; or they may farm out the task of caring for your property to another person, especially if they manage many different properties. How can you be certain that your property manager is the right one for you?
You can begin by looking out for these 7 problems that are common among property managers.
1. NO COMMUNICATION: You should ask for references from each person that you are considering as a property manager and then check with the references on their communication skills. A property manager who doesn't contact you at the end beginning of any rental period or at least a few times throughout the year, will probably end up costing you more time and money than if you managed the property on your own.
2. LACK OF ACCOUNTABILITY: Does the property manager have a good reputation that needs to be kept that way? Is he or she bonded? Is he or she a licensed real estate professional? If the person you select as your property manager has nothing to lose, they really have no incentive to manager your property well.
3. OVER PROMISING: You need to watch out here. Most property managers will usually have a standard of things they do. Is your potential property manager making promises that are way outside what the others offer? This is not a good sign as they are promising things just to try and get the job.
4. TREATING YOU LIKE A NUMBER: Property management companies that don't guarantee you a specific property manager, who you meet yourself, are likely to treat your property as just another number. You want a single property manager or small company with a small management load to ensure your property is given proper attention.
5. NO EXPERTISE OR EXPERIENCE: To avoid problems you want a property manager that specialises in the type of property you have. You don't want a person who's used to dealing with office complexes trying to rent out your mountain get-away. They also need to have a good track record for managing their own properties as well as others.
6. NO RESPECT FOR YOUR CLIENT, TENANTS OR YOU: This actually goes along with being treated like a number, with some slight differences. How do the prospective property managers make you feel? Do you feel positive about them? Do they give you the respect that you deserve? If not then they may not be a good choice, because they will treat your clients and tenants the same way. You can test this be seeing how attentive they are to you. Do they allow you to ask questions and then answer each with equal importance or do they tell you what they want you to hear and not give you a chance to ask anything?
7. COMPLACENCY WITH TENANTS AND YOUR PROPERTY'S MAINTENANCE: You really want a property manager that will be not just active, but proactive, when renting your property and caring for it. Ask about their vacancy percentage and their turnover rate. Both numbers should be very low.
Always screen each of your property managers for all these issues. You need a good proactive, experienced, professional property manager who will treat your property as his or her own, keep in regular close detailed contact with you, and always treat you as a partner. In the long run, your excellent property manager will increase your rents while saving you time and stress, turning your property into a real asset instead of the liability it could be with the wrong choice of property manager.
About the Author:
About the author: Paul T. Robertson recommends choosing an experienced property manager. Visit the "InHousePropertyManagement" website for more information on selecting an professional for your valuable property and protect your assets.
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