Choosing a property manager is a big decision since they play a key role in protecting your investment. The quality of their work can greatly affect how successful your investment turns out to be. So, we’ve put together some helpful tips to help you find a good property manager.
Reliable Communication: Good communication with your property manager is essential, especially if you don’t live near your rental property. Make sure the manager responds quickly to your emails and texts. Are they available in emergencies? Are their responses helpful and detailed? If you find that you’re always chasing them for answers or being passed off to an assistant, this might indicate bad business practices, and you might want to think twice about working with them.
Trustworthiness: You need to trust your property manager to handle small issues and repairs responsibly. They should always have your best interests in mind and manage tenant relationships well. Be cautious of managers who don’t inform you about repairs or costs until you see them on your rental statement. Remember, they work for you, not the tenant. While it’s important to have a good relationship with tenants, your relationship with the property manager should come first.
Experience: A property manager’s skills are often shown through their industry or local experience. Someone with extensive local knowledge can provide better services. If they know the area well and have experience managing local properties, they will better understand rental expectations, potential tenants, and the best management strategies. They’ll also have the expertise to spot problem tenants, which is extremely valuable, especially if you don’t live nearby.
Picking a skilled property manager can greatly improve the success of your investment property. It’s wise to choose someone who is experienced, familiar with the local area, and able to build a strong business relationship with you.
We’d love to know what you think are important factors when choosing a property manager for your real estate investments. Feel free to share your thoughts in the comments.