There’s nothing easy about being a property owner.
Some people think that owning property is a luxury that allows you to sit back and collect income from renters without doing much at all. How wrong they are, as property-owning usually entails property management as well.
When you’ve got a primary career and you own property, it’s easy to find yourself in over your head. If this describes your situation, then you may benefit from property management.
Today, we’re going to give you a few tips on how to find the best property management for your real estate. Different types of property call for different levels of expertise, so keep reading and you’ll find out what type of property manager you need.
Decide What Your Property Management Needs Are
Before you can reasonably start looking for the perfect property manager, you need to figure out what it is you need them to do. A well-rounded property manager will take care of everything from advertising your property to finding tenants to handling the eviction process for bad tenants.
That said, not all property owners are dealing strictly with residential rental properties. If you own an industrial, retail, or office space, then a residential property manager might not have the skills or expertise.
At Hiett & Associates, we specialize in managing several types of property, residential included. Whatever you need us to do, we’re equipped and qualified for it.
It can be really helpful, especially if you’ve only just acquired your property, to get referrals. When you’re a new property owner, you may be in the dark when it comes to managing a property or even finding the right people to help you.
Ask your realtor if they know any good property managers in the area, or if you know other property owners, don’t be afraid to ask who they’re using to manage their spaces.
If you don’t get any referrals, then turn to Google. There, you’ll be able to find the best property managers near you. Choose the ones with the best average ratings and start doing your research on their websites.
Look for Accreditations
One of the first things you should look for when you go to a property manager’s website is their accreditations. A Certified Property Managers (CPM) or Accredited Management Organization (AMO) designation tells you that you’re dealing with a legitimate property management company.
Not every property manager is going to come to the table with one of these. We’ve got both, so you know we’ve got the sheer expertise to look after your property in a highly professional manner.
Reading Online Reviews Can Help
Once you’ve found a few ideal property manager candidates, go check out their reviews on local listings sites. It’s important to get an idea of what working with one of these companies will be like and no one can provide better information than current or former customers.
Reputation is important for property managers, so don’t work with one that has a sketchy history with building maintenance or dealing with tenants. If they’ve got resoundingly positive reviews, then you know that you can probably trust them to manage your property.
Choose 3-5 of the most qualified and reputable property managers and contact them to schedule interviews to discuss your specific needs in person or over the phone.
Talk to Different Candidates
In many ways, hiring a property manager is just like hiring an employee for your company. You need to come up with several interview questions to ask each candidate in order to separate the wheat from the chaff.
Here are some examples of questions you can ask:
- How many properties are you currently managing?
- What property management services do you offer?
- How do you advertise properties to new tenants?
- How do you deal with unruly tenants?
- How do you collect rent?
- How much experience does my dedicated property manager have?
- Is there a 24/7 emergency service line?
- What’s your occupancy rate?
- How will your services make my property more profitable?
- Do you have any client testimonials you’d like to share?
How they answer these questions will give you a better idea of how each company operates. Finding out how they advertise properties and deal with tenants will be really helpful in finding property managers that you align with philosophically.
Something like occupancy rate is a practical question because it tells you how well they do their job. If they have too many vacancies, then they’re doing something wrong.
The answers to broader questions, like how they can make your property more profitable, are really important because a good property manager should always be boosting the value of your investment. Whether it’s how the property is advertised to renters or the maintenance that they perform on it, the property should be in a better state after you hire them than before.
Talk About Fee Structure
Last, but definitely not least, you need to discuss fees with each property manager. You shouldn’t let cost dictate which property manager you choose, but they do have to fit within your budget. Most property management companies will negotiate a price with you when you’re drafting a contract.
Once you’ve chosen the best candidate, make sure everything’s in writing. All of the details you fleshed out with your questions should be written into the contract, along with how much they’re charging you, and how they collect their payment.
Some property managers collect a monthly fee from the property owner, while others take it straight out of the rent that they get from the tenants. As long as you’re clear and okay with the fee structure, sign on the dotted line and start enjoying the perks of having a property manager.
Get the Best Property Management Company for Your Real Estate
Looking for a property manager can be a serious task, but it’s worth going through the trouble of finding and interviewing them so you know you’ve got a property manager that makes a difference.
Hiett & Associates has been serving the property owners of Greater El Paso since 1995. We’ve got vast experience managing a variety of different types of property, from residential to industrial, so contact us to discuss your needs and we’ll get back to you ASAP.