Buying a property with siblings

Considerations When Hiring A Property Manager

16 May 2022 by Sean Simmmons

Managing your rental property can be a headache. Besides troublesome tenants, you also have to deal with the hassles of maintaining the various amenities. For these reasons, you should consider engaging professional property managers. The managers market the property, conduct routine maintenance, collect rent, evict clients, and prepare financial reports. Below is an extensive extract detailing what to look for in a property manager. 

Experience

It would be unfortunate if you left your rental company in the hands of an amateur. Therefore, assess the manager's experience to determine their suitability for the job. For instance, which type of properties has the professional managed in the past? Who are the manager's referees? What services does the manager provide? As a property owner, it is up to you to decide whether you will delegate all property management duties to the manager. Check the property manager's reviews. They give you a hint of how they relate with tenants and their employers. Finally, ensure the manager has professional liability insurance. 

Consider Locally-Based Managers 

There are several benefits of hiring a locally-based manager. First, they have working relationships with maintenance contractors, plumbers, electricians, and locksmiths. This way, you are confident that a highly-skilled team repairs and maintains the property. Locally-based property managers also understand your area's real estate trends and demographics. This makes it easy to market the property and ensure full occupancy since they already know their target tenants. 

Personal Traits 

The property manager handles the concerns of the tenants. Therefore, they must be easy to approach and possess excellent communication skills. Problem-solving and critical thinking skills will help them resolve disputes among the clients and generate long-term solutions to the problems that tenants might face. Finally, assess the manager's temperament. A person with a short temper could make emotional decisions that could land you in legal trouble. For instance, they could evict a client without following due process.  

Pricing 

How much does the property manager charge? Some property managers charge a fixed fee, while others ask for a percentage of the collected rent. You have the upper hand if the property manager charges a contingency fee. The arrangement compels the manager to ensure the property is fully occupied. Therefore, they will vet prospective tenants to ensure they intend to live for long on the property. Moreover, they will make tenants comfortable to prevent them from moving out. 

When hiring a property manager, examine their experience, consider locally-based managers, and assess their personal traits and pricing. A place like the First National Real Estate Penrith has more information.

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