Company Blog

Just for Property Managers

By Amber

Having a property manager can be the difference between loving your rental properties — or wanting to get rid of them! But filling the position isn’t enough; you need to have a good fit for your work style, budget and personality.

Read on for ways to choose the right property manager for your rental business.

What do property managers do?
Depending on your situation, you might be looking to hire an individual or a company with a number of employees to work with. Companies often charge 8% to 10% of the monthly rent in commission and may take a bonus for filling an empty property. Some companies will lower their percentage for multiple properties or additional services. These rates and agreements do vary by market and individual rental situation.

Typical, basic services include interfacing with residents and prospective tenants, collecting rents, resolving conflicts, and taking care of repair and maintenance details. In essence, a property manager should be able to handle all aspects of your rental property, leaving you free to pursue other endeavors.

How to find candidates
As with so many services, finding a referral for property manager from colleagues or friends will help you narrow your search most reliably. You can check general consumer sites like Yelp or Angie’s List, or search real estate-specific sites and forums for information. Sites like Rentlist can also provide helpful information.

You can ask your real estate agent for a referral, as well, though if he or she has a mutually beneficial relationship with a property management company, this may cloud objectivity.

Some states require property managers or property management companies to be licensed real estate brokers. Find out about the law in your state, and make sure that your top picks comply.

What to ask during an interview
Narrow the field early on by asking your prospective property manager about preferred rates. You’re looking for the most services offered for the money.

Communication skills are an important part of the picture, so find out what the property manager’s methods are for keeping you up-to-date and responding to your requests.

Ask important questions, like:

  • Do you work with a regular team on repairs and maintenance?
  • Do you have experience filling rental vacancies?
  • Are you comfortable with difficult situations like evictions?

The decision to hire a property manager will ultimately come down to whether the expense of one is easily absorbed by your rentals.

Once you’ve decided that having someone else handle the many challenges of being a landlord is the right path for you, take the time to select the right property manager for your rental business.

You can leave a response, or trackback from your own site.
Comments are moderated. Please make sure that your comments are related to the post in order for them to be approved. Unrelated comments will not be approved.

Leave a Reply