If you’re considering using a property manager you’re relinquishing some of your regular property responsibilities but you’re also removing yourself from your investment so you want to make sure it’s in good hands. Use the following questions to screen property managers before hiring them.
What is their experience level, not only how long have they been in the business but what types of properties have they managed and what services have they provided?
It’s important to know what kinds of duties they are willing to perform but also how many other properties they’re managing concurrently.
Anyone can be a property manager but there are organizations that offer professional credentials, continuing education and support systems, most landlords prefer someone with a professional group affiliation.
Who Will be Managing
Many property management systems are large companies and the person you speak with often won’t be the one doing the management. Find out who will be doing the work and make a point to meet them and speak with them directly.
Learn the property management company’s established procedures and see if they jive with yours. If there need to be concessions either way, make sure they’re in writing.
Learn what will still be expected of you as the property owner. Some property management companies prefer the owner being hands off, others still require a lot of contact and effort from the owner.