When it comes to hiring the best property manager, there are many things to consider. Hiring a property manager or property management company can really save you valuable time and added stress when it comes to taking care of your investment, processing rent and dealing with tenants.
An investor’s best friend
A good manager will also know how to maximize your property’s value, keep units full and minimize costs without sacrificing quality. The manager can bring knowledge and experience to the job that you may be lacking.
If you are too busy to run the day-to-day operations for your rental properties, consider hiring a property manager. Whether you choose an independent manager or use a property management company like MRErent.com, it’s important to do your research to ensure that they have your best interests in mind. The best property managers do more than just collect rent—they do everything from marketing to tenant screening to processing evictions. Make sure you look for someone who specializes in Property Management and does it full-time. There are many other companies out there that dabble in Property Management on the side, while the majority of their efforts are concentrated on other business ventures.
Do I Really Need a Property Manager?
There are many factors to consider when deciding whether hiring a property manager is right for you:
- You don’t reside near your rental properties, either in a different city or another state.
- You may own many rental properties
- You don’t like or aren’t good at daily property management tasks and responsibilities including evictions, water bills and city inspections.
- You own property that receives financial assistance from an affordable housing program like Section 8.
- You work full time elsewhere and simply don’t have the availability needed to manage effectively
Don’t choose a Property Manager on price alone
You may think that all property managers or management companies are essentially the same and choose the one with the lowest rates, however a little research will show you there are many differences. It’s hard not to base your decisions on price when it comes to your business, after all, we all want to maximize our bottom line. It is essential to consider a variety of factors in addition to price when it comes to the care and management of your rental property. Do your homework and choose wisely.
Always check references
You can get references for other property owners, as well as real estate agents. Check with the Better Business Bureau and ask local investment organizations. Also, if your property requires a certain expertise, such as being a low income housing rental unit or upper end executive rental, look for a property manager with that background and proper references for that specialized niche.
Ask questions, be informed
It’s not enough to just ask vague questions, hit them with specific questions that will let you know how they will treat your property and ultimately your business. Ask how they plan on dealing with after-hour maintenance emergencies, or how they plan to advertise and market vacancies. Other ideas include asking how they plan to control maintenance costs and what type of liability insurance do they carry to protect you and them from lawsuits that may arise. Ask how often your property will be visited in person and listen to the potential manager’s thoughts on how he or she will approach your property’s needs, from tenant screening to lease renewals and everything in between.
Match personality – get to know the staff
You’ll be hearing from the property manager often enough that you want to make sure that you get along on a professional level and that you like their style of communication. Do you have to sign into an owner portal to obtain information regarding your property or will you be able to speak with someone personally? You will be working on issues and problem solving with this person or company so make sure you are on the same page.
Looking for a property manager in Oakland County, Macomb County, Lapeer County and beyond? Call MRErent.com today, we are a full-service property management company that specializes is Property Management only with decades of experience!