Looking for a property manager for your investment? Here’s how to find the best
Investing in quality real estate does not stop at the closing table. Securing ownership of the property is only the beginning of a continuous, long-term process that requires attention, strategy, and commitment.
Hiring a competent property manager is an integral part of this process. Having a professional running the day-to-day operations of your investment property will ease your burden.
Here are eight things to keep in mind when you start looking for search for the best property manager to hire:
Understand the essential roles of a property manager
To find the ideal candidate to become your property’s designated manager, you must first have a clear idea of the roles that this individual will need to perform.
A property manager’s responsibilities may vary depending on the size, type, and purpose of your property, but the following are considered as the general scope of functions that may be expected from this position:
- Managing rent, including setting and adjusting rates, as well as collection
- Finding, screening, and managing tenants
- Overseeing property maintenance and repair needs
- Ensuring the compliance of your business with statewide and national landlord-tenant laws
- Supervising other employees such as security personnel and concierge staff, if any
- Budget-setting, cash flow management, and other financial recordkeeping roles
Ask for referrals from trusted friends and colleagues Good word of mouth always goes a long way. Listen to recommendations and warnings from fellow property investors in your area, as well as from any friends, colleagues, and even contractors.
Get as much information from your peers as possible; not just names and contact details. The more real-life experiences, anecdotes, and even complaints that you can gather from them, the better for your search.
Do your own research
The internet can help you filter through a long list of recommendations, as well as add interesting new candidates if the referrals you receive still feel inadequate. Peruse the professional websites of your prospective property managers to see whether the services that they offer match your needs.
Check their profiles to review their licenses, specializations, and other important professional accreditation that may be relevant to your business. Pay close attention to client reviews that your top candidates publish on their individual website, as well as other local professional review sites.
Interview several candidates
Take time to interview multiple prospects so you can have a good selection to choose from. Try to limit your interviews to three or four top candidates, however. Remember that these meetings also cost time, energy, and money. Keep a standard list of questions to make objective comparisons easier. Focus on their experience and formal knowledge of the business, the range of services that they offer, and professional fee structures.
Give your prospects a chance to ask you questions, as well. How inquisitive they are, as well as the type of questions they ask, can give you a hint of how engaged and dedicated they can be as your professional partner.
Contact previous clients and other references
As in any hiring process you might have experienced, character references should play a key role in your final decision-making process.
Word-of-mouth referrals and published client testimonials can help you build a list of leads, but these are typically focused on prospects’ positive qualities. On the other hand, personal accounts from your prospects’ previous tenants and former colleagues allow you to dig deeper.
Contacting references at this stage in your search can also help you verify information and resolve lingering questions resulting from your interviews.
Thoroughly review the details of your contract
Even after you have made your choice among your leading prospects, do not commit to a candidate until you have reviewed the terms of your management agreement. The contract should cover every detail that you and the property manager have discussed and agreed upon, and nothing more.
To guide you through this crucial final review, look for the following basic elements in the management contract:
- A complete rundown of the property manager’s services and fees
- A summary of your responsibilities as the owner of the property
- A provision that ensures that the agreement is made in accordance with statewide and national fair housing laws
- A “hold harmless clause” that protects the property manager from liability, except in cases of outright negligence
- A clear statement of the duration of the contract
- A clear termination or cancellation clause
You can opt to work with a lawyer at this stage if you want to make sure that all your bases are covered.
If you are searching for the most qualified and reliable property management professionals in Texas, look no further than Berkshire Hathaway Home Services (BHHS) Caliber Realty. To get in touch with the team, call 979.694.8844, email sales(at)bhhscaliber(dotted)com, or send your inquiries here.