Most property owners have a hard time choosing a property manager. In the excerpt below, you will learn the various considerations to make when hiring a property manager to ensure you get value for your money.

Reputation

Most property managers advertise their services on the internet and social media. These are excellent platforms to evaluate their reputation. Besides, you should also seek reviews from current clients or tenants that live in apartments managed by the individual. These background checks will prevent you from hiring inexperienced individuals that provide poor quality services. 

Qualifications and Experience

What are the individual's skills? The property manager should have some background in business management or real estate. Experienced individuals may have awards and professional certifications as proof that they excel in property management. Inquire about the manager's work ethic. For instance, how will he or she manage client disputes? Will the manager provide 24/7 services? 

Services 

Your property manager should provide a wide range of services. These include the screening of current and potential tenants to ensure they do not have a criminal past, they do not pose a threat to current residents and they can pay rent on time.

The manager will also prepare tenancy agreements and ensure clients understand their terms and conditions. If the property is sold or is under a lease, the manager will handle the day to day running of the owners' corporation. He or she should inspect the property to determine repair and maintenance works. The property manager should determine suitable methods of marketing the property to attract more tenants. He or she will also collect rent and ensure tenants abide by the deadlines. 

Working with a Property Management Firm

Some real estate agencies will provide property management services. Avoid companies with too many properties and few property managers. Ask about your relationship with the property manager. Are you allowed to hold him or her accountable, or must you communicate with top management? Are you allowed to request a change if you are unsatisfied with the manager's work quality?

Property Management Contract

The property management contract stipulates the services provided by the manager and how much you should pay. Most managers will ask for a small percentage of the total rent. Others may ask for a fixed charge. Beware of extra costs such as advertising fees. The contract should also explain how you will handle conflicts and the process of contract termination. 

When hiring a property manager, examine his or her reputation and qualifications, as well as the services they provide and the terms of the property management contract.