You have decided to hire a property manager to rent out the property that you have. It could be a vacation home, commercial lot or a second home that you have decided you will be better off renting or leasing than selling. Well you need to watch out, because you may be surprised to know you may be making the wrong choice.
The fact is that there are a number of property managers today that are not professionals. They may have some form of experience in management, however it may not be in the type of property that you have; it could be that they will not take the job seriously or they may even give someone else the task of taking care of your property, as is the case when they manage multiple locations. So what can you do to be sure that your property manager is the correct one for your needs?
Start by watching for these seven common problems with some property managers.
1. LACK OF COMMUNICATION: Screen for this by asking for references from each property manager you interview. A property manager who does not communicate with you at least a few times a year, and more often at the beginning and end of any rental period, is likely to cost you more money and time than managing the property yourself.
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: When you are interviewing, does one of the potential manager seem to be overly eager for the job? So much so that they seem to be making more promises that the others? Be careful here, this is not a good thing.
4. ARE YOU A NUMBER OR A PERSON?: When you choose a property management company you don't get personal attention. You don't know who you will be assigned to your account because everyone is working on it together. You become a number and may get lost in the shuffle. You will find it beneficial to select a property management company that is small or a single property manager to make sure your property is given the right care and attention that it needs.
5. LACK OF EXPERIENCE OR EXPERTISE: You should make sure to select a property manager that specialises in the type of property that you are listing. They should also have a good record when it comes to property management, both their own properties and other people's.
6. LACK OF RESPECT FOR THE TENANTS, YOU AND THE CLIENT: This is a part of being treated like a number with some slight differences. How does the property manager strike you? Do you feel as if they will treat you with the respect you deserve? If they don't make you comfortable, then your client won't be comfortable either. There is a way to check this. Do they allow you to ask the questions you want answers to and then treat each question with the utmost importance? Or do they fly past it as if it really doesn't matter?
7. COMPLACENCY WITH MAINTAINING YOUR PROPERTY AND TENANTS: You want a manager that is active and proactive especially when it comes to caring for and renting your property. You need to inquire about the percentage of their vacancies as well as the rate of turn over. Keep in mind that both numbers should be extremely low.
When interviewing property managers, you should make sure to screen them on each of these issues. You need a manager that is proactive, professional and experienced and one who will treat you as a partner by keeping in touch with you and treating your property as if it were their own. If you do this, then you will find an excellent property manager that will not only save you stress and time but increase your rental income and turn your property into an asset instead of a liability that it could become with the wrong manager.
The fact is that there are a number of property managers today that are not professionals. They may have some form of experience in management, however it may not be in the type of property that you have; it could be that they will not take the job seriously or they may even give someone else the task of taking care of your property, as is the case when they manage multiple locations. So what can you do to be sure that your property manager is the correct one for your needs?
Start by watching for these seven common problems with some property managers.
1. LACK OF COMMUNICATION: Screen for this by asking for references from each property manager you interview. A property manager who does not communicate with you at least a few times a year, and more often at the beginning and end of any rental period, is likely to cost you more money and time than managing the property yourself.
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: When you are interviewing, does one of the potential manager seem to be overly eager for the job? So much so that they seem to be making more promises that the others? Be careful here, this is not a good thing.
4. ARE YOU A NUMBER OR A PERSON?: When you choose a property management company you don't get personal attention. You don't know who you will be assigned to your account because everyone is working on it together. You become a number and may get lost in the shuffle. You will find it beneficial to select a property management company that is small or a single property manager to make sure your property is given the right care and attention that it needs.
5. LACK OF EXPERIENCE OR EXPERTISE: You should make sure to select a property manager that specialises in the type of property that you are listing. They should also have a good record when it comes to property management, both their own properties and other people's.
6. LACK OF RESPECT FOR THE TENANTS, YOU AND THE CLIENT: This is a part of being treated like a number with some slight differences. How does the property manager strike you? Do you feel as if they will treat you with the respect you deserve? If they don't make you comfortable, then your client won't be comfortable either. There is a way to check this. Do they allow you to ask the questions you want answers to and then treat each question with the utmost importance? Or do they fly past it as if it really doesn't matter?
7. COMPLACENCY WITH MAINTAINING YOUR PROPERTY AND TENANTS: You want a manager that is active and proactive especially when it comes to caring for and renting your property. You need to inquire about the percentage of their vacancies as well as the rate of turn over. Keep in mind that both numbers should be extremely low.
When interviewing property managers, you should make sure to screen them on each of these issues. You need a manager that is proactive, professional and experienced and one who will treat you as a partner by keeping in touch with you and treating your property as if it were their own. If you do this, then you will find an excellent property manager that will not only save you stress and time but increase your rental income and turn your property into an asset instead of a liability that it could become with the wrong manager.
About the Author:
About the author: Paul T. Robertson recommends choosing an experienced property manager. Visit the "InHousePropertyManagement" website for more advice on selecting an expert for your valuable property and protect your assets.
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