If you have been following our previous posts, you have established that real estate investment is a fulltime job. This is not something you can do on the side, you need to have someone doing it for you or with you.
At some point, you will need to hire someone who will be responsible for managing your real estate investment and this is where a property manager comes in handy. This is basically the person who will be making the critical decision about your property on your behalf, decisions that have a financial implication on your bottom line.
Here are 5 tips for finding the best property manager.
You can search online for property managers
The internet is usually a good resource for information about real estate. A number of property management companies are listed on various websites complete with reviews. This is always a good starting point in your search for a manager for your property.
You need to get referrals from trusted sources
A property manager can either be an individual or a company and this means that they have a track record which can be easily retrieved by asking around. It is a good idea to consult realtors and other property owners in the vicinity of your property to get referrals.
Find out more about their current work
Here is where real estate ads come in handy. It is advisable to pay attention to some of the ads they have running. Check for their quality in terms of level of professionalism, persuasiveness, reach and the different places their ads have been places. Also take time to talk to tenants in the properties they manage to learn more about the quality of their work.
Be sure to interview several managers
The interview process is probably the most important in that you get an opportunity to interact with your potential property manager. You need to interview several of them so that you can get to find a person with the right personality, experience and most importantly, one who shares your vision. At this point, you need to trust your gut and who you feel most comfortable with.
Do a proper examination ofthe management agreement
Once you have settled on your person or company of choice, take your time and review the management agreement. This agreement needs to define the roles and responsibilities of both the property manager and the property owner in a very clear way, leaving no ambiguities. It would be a good idea to let your lawyer go through the document.
There you go. We trust that with this information, you are well on your way to selecting the right manager for your real estate investment.