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CHOOSING A PROPERTY MANAGER FOR YOUR RENTAL

If you are considering renting out your apartment, house or unit, then you are looking into a partnership with a property manager. Unless you plan on doing the property management yourself, it is a good idea to rely on the services of a property management company. When choosing a property manager for your rental, you need to know exactly what you want.

Property Management Checklist

Property managers are professional real estate agents and brokers that manage properties so landlords and investors don't have to. They handle documentation, day to day problems and communication with the tenants. The first thing you need to look for when choosing a property manager is their credentials. Property managers must be qualified real estate agents or brokers - if they do not have this credential, then move on.

When it comes to finding the right property manager you need to know what you are looking for that way it can be as easy as directing vine plants to grow. Yes, you want someone you like and get along with but what will the company actually do for you? How often do they offer inspections? How long, on average, does it take to secure a renter? What documents are in place to secure your rental property? What is the protocol for tenant problems? What is the process of lease negotiation? How are repairs and maintenance handled? All of these things will need to be discussed with choosing the right rental property manager.

Another thing you need to consider is their communication levels. Communication is a big part of property management. This includes communication with the renter, communication with you and communication with the market. Keeping you informed and up to date on what is happening with your property and what the market is doing is all part of the job of a good property manager. Will you be informed on the phone, in person, through weekly emails?

Factoring in Pricing

Trust is the most important factor when it comes to choosing a property manager for your rental. You need to get along with the people you are doing business with. Some companies may clash with your ideas and your personality. You may want to work with someone that is passive and open to your own ideas and interpretations or you may prefer to work with someone that is controlling, blunt and aggressive. You may want to lend a hand or you may want to have nothing to do with the property. Find a company that fits with your needs and that you genuinely feel comfortable working with.

Price is also important. How much commission does the property manager take? Most property management companies will charge 7 to 15 percent of the monthly rent for their services but this is quite a big difference. If you are only paying 7 percent to a property manager on a $1500 per month property, you are still making close to $1400 per month. If you are paying 15 percent on a $1500 per month property, then you are only bringing in $1290 per month.

When it comes to choosing a property manager for your rental it is a good idea to meet with a few different companies and individuals. Have a checklist of what you want and questions to ask each company. They want your business so make sure they are worthy of being in charge of your home. You are not 'cheating' by speaking to different agents; this is all part of choosing your property manager and ensuring you are putting your homes in the right hands.

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