What To Look For When Appointing A Property Manager To Manage Your Investment Property
Owning an investment property can be a great way to generate passive income and build long-term wealth.
However, managing a rental property can be time-consuming and challenging, especially if you are a busy professional or live far away from your rental property. This is where a property manager can be a valuable asset. A good property manager can help you maximize your rental income, minimize your expenses, and ensure that your property is well-maintained. But how do you choose the right property manager for your investment property? Here are some things to look for:
Look for a property manager with a track record of success. Ask for references from other property owners and check online reviews. A property manager with experience will have the knowledge and expertise to handle any issues that may arise.
In most states, property managers must be licensed to operate. Check if your property manager has the necessary licenses and certifications to ensure that they are following all of the legal requirements for managing your rental property.
You want a property manager who is responsive and communicative. Make sure that they have a system in place for reporting to you regularly on the state of your property, including maintenance issues, rent collection, and others. Good communication is essential to a successful landlord-tenant relationship.
4. Tenant screening
Tenant screening is an important part of the rental process. A good property manager will have a system in place for screening potential tenants, including background checks and credit checks to ensure that you have high-quality tenants who are likely to pay rent on time and take care of your property.
Maintaining a rental property is a critical aspect of property ownership, and it’s recommended to seek out a property manager who has an established procedure for managing maintenance requests in a timely and efficient manner. It’s important that they have access to a pool of dependable contractors and vendors who can offer maintenance services at a reasonable price.
Property management fees vary, depending upon the services offered by the property manager, but they typically range from 8.5% to 14% of the monthly rental income. Make sure that you understand the fee structure and what services are included, as there might be an extra charge for maintenance or tenant screening, so be sure to ask for a breakdown of all costs.
Always ask for a written contract that outlines the terms of your agreement with the property manager. This should include the fee structure, services provided, and expectations for communication and reporting.
Selecting a suitable property manager is a crucial choice. By partnering with our experienced and trusted property managers, you can reap the rewards of property ownership without the pressure of managing it on your own.