Picking the right property manager can be a difficult task. Your situation is probably unique to your property and the duties that manager will be required to perform are varied. It’s important that you find the right property manager or management company for your particular needs so you?ll obviously have to assess what your needs are before you begin searching. Use the following tips to help you narrow your search.
Who is responsible for what?
What responsibilities will you be turning over to the manager and what responsibilities will you be retaining? You?ll need to have this firmly established before you sign any agreements so everyone knows what?s expected of them.
What will it cost?
Generally property managers charge between five and 10% of the rent as their fees but there are often other costs involved. Discover what these fees are and how frequently you’ll be paying them before making any decisions.
References and Qualifications
Ask for references and do your homework, check them out. Also look for managers who have professional accreditation and ones that belong to professional groups. You want someone who not only knows their business inside and out, but someone who has a healthy reputation among their peers.
Use your own professional network to get referrals and information that will help you select the best property manager for your situation. A good property manager can make or break your business.