photo credit: Aidan Jones
A lot of property owners reach a point where they have more rental units and property than they can personally manage. It’s important to take a step back and admit when you’ve hit this point, if not your tenants, property, business and reputation will suffer. When you hit this point, it’s probably time to hire a property manager.
Property managers can be a godsend to landlords and can actually help you increase your profits. But finding a good property manager that fits your business is a big job in itself.
To find a property manager you need to first establish what you want them to do. Will they be the ones finding tenants, handling calls and complaints, making repairs or arranging for service calls, performing grounds keeping tasks etc. What do you want your property manager to do?
Some landlords are happy hiring a resident to handle the grounds, tenant complaints and small repairs. In these situations a reduced rent may be adequate compensation and all parties will be happy with the result.
In other situations, you’ll need a full-time property manager or a property management company. If this is the route you want to take, make sure you check credentials and references, just as thoroughly as you would a prospective tenant. This decision is crucial to the success of your business.