If you’ve decided to get out of your own way and want to locate the best property manager for your asset, where do you begin?
Follow the below steps to finding an excellent property manager:
- Ask other landlords
- Ask questions about the strengths and weaknesses of the company. And if they parted ways, ask why.
- Also, ask what type of services they did for the individual.
- Were they full service?
- Did they just do onsite duties or back office?
- Research online
- Websites like AllPropertyManagement.com provide lists of property management companies that are active in your area. Just plug in the size of your property and location.
- Once you have a few names, check each management company’s website, including mission statements. Look for reviews on sites like Yelp or Facebook.
- Attend REIA or apartment association meetings
- Many property managers are members of these organizations. This is the perfect opportunity to meet multiple firms in one location!
- Visit the properties they are managing currently
- Ask for a list of properties they manage or get this info from their website.
- Look at the exterior. Trash on the grounds? Deferred maintenance? Grass cut?
- Speak to tenants. Ask how easy/hard it is for them to get in touch with the manager and how fast maintenance concerns are addressed?
- Interview several companies
- Check their certifications.
Lastly, when speaking to any potential property managers, ask what they will be providing you as far as reports go. Financial items to expect or require from your property management company would be:
- Budget comparison statement
- Cash flow report
- Profit and loss statement
- Operating budget
- Break-even analysis
- Cap rate
Your rental property is your livelihood. Treat it as such. A good property management firm can easily become one of your greatest assets, second only to the properties they manage on your behalf.