Hiring a property manager is a huge decision, so you need to go carefully to find the right managers. A property manager can boost or kill your investment. A reliable property management company will enhance your property value, minimise risk, optimise your budget, maximise safety and improve the lifestyle of residents. All these can only be achieved by a reputable and experienced property manager.
Finding a property manager is very easy. However, finding a reputable, skilled and experienced manager is an uphill task. There are lots of property managers offering these services. However, you need a guide to help you determine the right property management company. Here are some of the factors that define the capability of a property manager.
Consider the reason for hiring a property manager
The first thing is to determine the purpose. Property investors hire managers for different reasons. The reason, however, should guide you regarding the ideal manager to hire. You might consider hiring property management by Native if…
- You live far from the property – Managing a property from a different city or region is next to impossible. For such a scenario, it is advisable that you hire a property manager within your property region.
- You own several properties – the more properties or units you have, the harder it is to manage them. For this reason, choose a property management company with a large workforce. The company should at least have a reliable agent in every region you have a property.
- You have limited time – managing properties is time-demanding. It becomes a huge task when you have a business to run. It is, therefore, ideal to delegate your property management to a manager as you concentrate on your business.
Look at the qualifications of the manager
The next step is to find a skilled and qualified property management company. Before you hire a company, think of whether it is recognised by the relevant authorities. Today, most property management companies operate online. However, be very careful to avoid illegitimate property managers.
A professional property manager should be easily accessible to both the property owner and tenants. One role of property managers is to provide quick solutions to problems faced by tenants. A manager should, therefore, be accessible for immediate response. A reliable property management company should have invested in fast and reliable communication software for the best and fastest response.
Consider services offered
What kind of property management services do you want to hire? Does the company offer your preferred services? Before you hire a company, make sure that you have discussed the services offered.
Negotiate the terms of the contract
The terms of a contract outline the relationship between the manager and property owner. It also states the roles and responsibilities of the property manager. Before you seal the deal, you can negotiate any terms that you may feel uncomfortable with.
Finally, compare the commissions charged from several property managers. Are the services offered worth the commission charged? You may negotiate the terms depending on the period of hire. The property manager may also offer additional services for the betterment of your property and tenants.