June 19, 2015

What You Need To Consider When Hiring a Property Manager

Once you have actually found a good rental, the next step is to pick a great property manager.  In searching, you want to do a thorough interview, and in doing so, you will be able to determine if they are worth working with.  Here are some questions to keep in mind when choosing a property manager:

How do they control maintenance costs?  
Make sure the manager has you approve a list of vendors, which will include a plumber, handyman, electrician, painter, etc.   Ask your manager to contact you only if a certain project goes over the maximum expense.

How do they advertise vacancies?
As a landlord, your goal is to have maximum exposure for your vacancies to shorten the time that a rental goes unoccupied.  A good manager will be aggressive n their advertisements.  You don't want your property staying vacant for too long.  Aim for free advertising, like Craigslist or Facebook.

How do they show properties?
The process used to show properties describes whether they will be successful or not in obtaining quality tenants.  For example, if your manager only shows properties 8-5, this decreases your odds of getting a tenant with a day job.

How does the company screen tenants?
Ensure in-depth credit,criminal, employment, and prior residency checks, these checks can find any negative history and keep you from some big losses.  All it takes is one bad tenant to turn you off to rental properties.

How does the company deal with accounting and owner reports?
Your property manager should have a quick system to provide all lease expiration data on your properties, move-in/move-out inspections, lease documents, open work orders, and tax information.

How does the manager deal with after hour emergencies? 
Most property managers will have a 24 hour maintenance emergency line to handle requests immediately.  Be sure the manager has a line and it is staffed 24-7.

How do they deal with evictions?
Ask your manager how often they file for eviction on their current properties.  Usually a high rate of eviction can determine that the manager is not accurately screening applicants.  A renter should be able to pass a basic credit check and have an adequate landlord reference.

As a property investor you have the choice of managing your properties yourself or delegating the day-to-day operations to managing agents.  It is critical that you choose your manager wisely as the company can considerably increase the return from your property.

Whatever type of property you need – residential, retail, office, wholesale or industrial – we at Landmark Group can help you buy, sell, maintain or renovate. We can also help you manage your property. Just give us a call.

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