Undoubtedly, an investment property is a valuable asset for you. Your property needs careful and vigilant management. Especially if you’re a first-time landlord, finding the correct investment property manager is essential. It can feel like an impossible challenge, so when hiring, what traits should you prioritise?
5 Tips On How to Choose a Good Property Manager
If you are looking for a property manager, below are some tips to make an informed decision.
1. Having Specialised Knowledge And Experience
Find a property management firm specialising in taking care of investments as you do. A property manager with a primary concentration on commercial real estate would need more experience in effectively overseeing residential home maintenance.
Avoid real estate agents whose rates are double as compared to property managers. You can only expect them to take good care of your investment if they have received the required training.
There are a few questions to ask a property manager…
- For how long have you handled property management for rental homes?
- How many properties on your rent-roll do you oversee right now?
2. Having Professional Licenses
Some states don’t require any license. However, others have laws allowing property managers to get by with a real estate license. A property manager worth their salt will have the credentials to back up their claims of management ability, just like Rent360 who are Gold Coast’s premier property management company. When looking at a property manager, it’s worth verifying with the state’s real estate commission, as to whether these managers are in good standing or not.
3. Verify Comments and Feedback
Before hiring a property manager, you should check out their reviews on sites like Yelp and Google. As well as any comments on their Facebook page. Keep in mind that some reviewers on these sites may have an agenda, as often these have little to do with the quality of the company’s products. The review websites can be an invaluable first stop when comparing them to other agencies.
4. Check the Property Management Contract
Due to the property management agreement, you and the property manager will clearly understand one another’s roles. So you must review the contract thoroughly and request any required changes before signing. Verify that it fulfills your needs and has no provisions with which you disagree.
5. Verify Appropriate Insurance
One needs to know that property managers should have general liability insurance and property damage insurance before we work with them. Maintaining adequate insurance coverage may be required by your property management agreement. It is a sensible step to take. If you have any questions concerning the type and amount of insurance you need, be sure to ask your property manager.
Summing Up
In summary, the information shared above will help you find the right partner to rent and look after your property, to feel secure with your decision knowing that your investment is in good hands. Whether you choose one of the referenced property managers or your own, choosing a good property manager is undoubtedly an important decision.