Hiring a property manager to supervise your investment is a big decision. This person is not just responsible for collecting rent. They also need to handle the daily maintenance of the building while responding to your tenant’s needs.
If you hire just anybody off the street, this person could end up stealing your security deposit or making away with your appliances. Some important qualities of a good property manager are honesty, organization and experience. Here are some tips to help you spot a good property manager.
When one of your rental properties is up for rent, the first person a prospective tenant goes to is the property manager. The prospect will have lots of questions and a good property manager has to be able to communicate answers clearly so there is no confusion.
Find somebody who can communicate clearly. Usually, property managers spend their time talking or supervising so oral communication is a must. However, somebody who is also good in writing can also be advantageous when you want to impart news to tenants via letters. He or she should also know how to make reports to keep the property owner well informed.
Most states require that a property manager have a real estate license or property management license before they can show vacant properties. Before hiring a property manager, check with the Department of Commerce in your state to know if their license is still active. It is also prudent to check if they are certified with organizations such as the National Apartment Association (NAA), National Association of Residential Property Managers (NARPM) or Institute of Real Estate Management (IREM). Before a person is certified by these organizations they have to undergo thorough training. If a person is willing to undergo further training and studies and also spend more money, it tells you that he or she is serious about being a property manager.
When a prospective tenant visits your property manager’s office and see piles of paper work held down by coffee cups it does not really speak much about the person’s organizational skills. If he or she cannot attend to paperwork in the proper time what does it say about their maintenance skills?
A good property manager is somebody who can attend to paper work and property issues in a timely manner. Tenants usually have demands that need to be satisfied. Aside from this, they also need a detailed log of transactions as well as scheduling appointments and tasks.
As stated above, you need to find somebody honest. Property managers do not only deal with financial transactions. They also handle maintaining your assets which includes various equipments. In some cases they also need to hire and supervise the maintenance crew or repair guys. You want somebody who is always professional. You don’t want somebody who hires their non licensed family member to fix the electrical lines.
A good property manager puts people first. They are accessible through phone, email and social media to respond to the tenant’s needs. According to a study conducted in New York, one of the biggest complaints of tenants is the inability of property managers to return calls. Yes, they are busy since they are in-charge of a property. However, they should also know how to return calls in a timely manner and deal with people.
Keeping the property in order, being a good communicator and a people-person just about summarizes an ideal property manager. It can be difficult running a property 24/7 so if you spot the right property manager, hire him right away.
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