If you’re just getting started in real estate, you may feel overwhelmed by how much there is to learn about this industry. Owning an income property, especially one you intend to rent out to tenants, is a lot of work—and much of it is likely unfamiliar to you. If things are feeling daunting, bringing on a property management company with the right traits to help could save you time and money as you learn the ropes.
But how do you decide who to hire, and what are the most important things to look out for? If you’ve never set about hiring a property manager before, you may not know where to start. Read on to learn everything you need to know about vetting a property manager to oversee your property.
Key property manager traits
Hiring a property manager is no small decision. You’ve invested valuable time, money and effort into this venture—you want to make sure you’re bringing on people who will take good care of it. So, what traits should you be looking for when evaluating property managers? Here are some key characteristics:
- Trust: This is paramount when deciding whether or not you want to work with a given property management company. Do you feel confident in their ability to do the job well, and up to your standards? If you’re on the fence, trust your gut and look elsewhere.
- Certifications and licenses: Make sure you’re considering professionals with the qualifications and expertise to appropriately oversee your property. What are their professional affiliations? Do they have certifications relevant to your property? Getting this information early will help ensure you hire the strongest candidate for the job.
- Experience: What types of properties have they managed in the past? Hiring someone who has prior experience working with properties like yours will enable them to not only maintain things, but also identify areas of opportunity in your property that newcomers may not see.
- Reputation: Check candidates out on the Better Business Bureau to make sure they have a solid rating, then look them up on other review sites to see what previous customers and employers have to say about their work. A management company with poor reviews may suggest your property would be mishandled under them, leaving you with vacancies when fed-up tenants leave to find greener pastures elsewhere.
- Transparency: Ask to see a contract from potential property managers to get a sense of what specifically this relationship would look like, and have your attorney review it to ensure it presents a good deal for both parties. Contracts should detail the services they provide, how repairs will be handled and paid for and owner responsibilities, so you don’t get blindsided later on.
Hiring a property manager is an exciting move that should make your overall experience better. If you’re struggling to find a property manager with the traits you need, visit Valley Executives Real Estate & Property Management LLC online to learn about our robust property management offerings.