45% of landlords manage their own properties. 44% of them have help.
Managing rental property is more difficult than it seems, with constant requests coming in from tenants and mountains of paperwork to manage. Trying to handle all of it alone will only leave you frustrated or even regret your investment.
Another way to prevent regret is knowing how to choose a property manager. What should you be looking for, and when will you know that you've found the right one?
Read on to learn five qualities to look for in property managers.
Look for a local property management company. Even if they don't live nearby, they need to have experience with the laws and regulations in your area.
Find out what properties they specialize in. Are they most familiar with apartments, single-family homes, or commercial properties? How many of them have they managed before?
Get a list of what types of property management services they provide. These could include:
- Rent collection
- Tenant screening
Learn what software they're familiar with and see how tech-savvy they are. At least 44% of managers are already using some form of software. It provides 80-85% higher tenant satisfaction rates, 54% higher retention, and 60% more efficient online payments.
Property management is a juggling act. It requires multitasking and falls apart without proper organization.
Visit the property management company to see if the office is put together. Ask the team how they manage competing needs every day.
3. Communication Skills
Property managers work with people every day, whether online or in person. They have to ask tenants to pay rent, fulfill their maintenance requests, send in contractors, handle disputes, and do it all in a friendly and non-confrontational manner.
Find out how past tenants and clients felt about their communication skills. Set up an appointment with them to see how they communicate with you.
4. Investor Mindset
A landlord and a property manager both need to see each rental property as an investment above all else. They must work together to raise its value and rental income as high as possible.
This starts with a deep knowledge of the current market. It helps them set fair rent and keep vacancy rates low. They also need to know and explain to you the returns on any improvements to the property.
5. Commitment to Further Education
The best property manager is the one who is constantly learning. Courses are available online, at community colleges, and via mentorships. They provide new skills and updated certifications.
Certain areas are constantly changing and require daily research. These include:
- Market trends
- Landlord and tenant laws
- Local property markets
Where to Find Property Managers
Search the licensed property managers in your area. Find one that's familiar with the types of properties you own and offers the services you need.
Their organizational and communication skills need to be top-notch so they're ready to handle any request. They need to see your property as an investment and work to increase its value. A commitment to further education is key to helping them develop all of these skills.
Contact us to find qualified property managers today.