The real estate market is a robust one, and it is not showing signs of slowing down anytime soon. The trends can change and renting could become more attractive than buying, but property management will always play an important role. A responsible, reliable property manager not only collects rent and other fees, but also handles day-to-day maintenance and affairs. Here are some ways to find a good one.
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Image source: Pixabay.com
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Trust first impressions.
When meeting a property manager in person, it’s crucial to view him or her from the perspective of a potential tenant. Answer the question of whether you would want to rent a home or commercial property from the person.
How does the person handle advertising and vacancies?
Find out where and how the person advertises vacant properties. Does he or she resort to newspapers, websites, or at nearby locations? Probe the number of vacancies he or she has, the average length of time for placing a tenant, and the overall look and feel of the property manager’s website and online presence.
Check license and certification.
Most states require property managers or their companies to have a real estate broker’s license or a property management license. Check with the state’s Real Estate Commission for this information, and with trade organizations such as the Institute of Real Estate Management (IREM) for membership and certification.
How do they screen tenants?
Another important factor is if the candidate uses background checks to find any negative history and prevent huge losses.
Investigate maintenance and costs.
Make sure it is someone who keeps up with regular maintenance; find out first what their processes are. Also, how a property manager handles rent collection past due and after-hour emergencies is also crucial information.
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Image source: Pixabay.com
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Al Hartman has worked in the real estate industry since 1972 and today serves as the president and chairman of the board of directors of two public real estate companies. Read more about the industry on this page.
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