Property Manager
Thank you for continuing to follow our series, How to Identify Reputable Property Management Professionals. A property manager is a professional that focuses on handling your very large property investments. Electing to use this type of real estate management professional is a very big decision; however, it is an even bigger decision trying to determine which property manager is the best for the job.
Last week, you learned that, to discover a highly reputable property management professional, you have to conduct your own online research, research the licenses and certifications that the property manager has, and review their current work. This week, we will continue and conclude this series, starting with step 4.
Identify Professional Property Management
Step #4: Obtain Referrals
One of the most productive methods for determining how reputable a property manager is, is to obtain referrals. These referrals may be obtained from a large variety of sources. You may talk to individuals that own property in your area, request information from real estate agencies, and even request referrals directly from the property management professional that you have an interest in working.
Referrals are, essentially, word of mouth information. They are opinions. As you are well aware, opinions may be biased. This is the main reason that it is important that you obtain referrals from a variety of resources. If you find any level of consistency – whether positive or negative – you can typically count on the fact that the consistencies hold a certain degree of truth.
interview property managers
Step #5: Conduct Interviews
The fifth step to determining the reputation of property management professionals is to interview those which you have an interest. It is ideal to narrow your options down to three to five different professionals.
When interviewing these professionals, you will quickly be able to tell if the individuals possess a high level of knowledge, if they have good critical thinking skills, if they have the type of personality that meshes well with yours, and if they are putting their best into their work. During the interview, be certain to inquire about education, their experience, the services that they specialize, the fees that they charge, and information pertaining to the landlord-tenant laws of your state.
Step #6: Review Property Management Agreements
By the time you get to step #6, you have probably narrowed down your options in terms of who you would like to be your property manager. Now, it is time to review the property management agreements that the professional has in place.
You will want to ensure that these agreements have precise information on your responsibilities as the property owner and their responsibilities as the property manager. All of the terms and information covered in the interview should be included in the agreements. You should pay special attention to information regarding fees, services, housing law compliance, clauses to hold harmless, and outlines on cancellation.
