In 2019, the number of American renters hit a record high of 212.7 million. This number represents about 66.4% of the entire population. These figures will likely go up by the end of 2021 and beyond.
More homeowners foreclosed their homes and resorted to renting. From these values, investing in multiple properties can generate good income, especially with a property manager. However, selecting a property manager can be quite daunting.
Everyone you meet on the internet claims to have property management experience. However, a good manager will take all the administrative duties of your property. This eases you from the troubles of dealing with tenants and homeowners associations.
Besides, a property manager will set the rent and find reliable tenants for long-term leasing. So, what is the process of selecting a property manager? What factors should you consider to get someone who can work within your budget?
Read on to learn the top five factors to consider when selecting a property manager.
1. Consider Experience When Selecting a Property Manager
Property management experience comes first when selecting a property manager. Don’t shy away from asking potential candidates about their experience. You want to know all the types of properties they managed before.
Also, don’t forget to ask for licenses and certifications. Working with a certified property manager like reedyandcompany.com guarantees a positive ROI.
2. Look at References and Reviews
Direct references from colleagues can point you to trusted options for property managers. Similarly, you can trust family and friends to refer you to a reputable property manager. Also, you would want to watch out for online reviews.
You can access client reviews on online community forums and consumer sites. Positive reviews show 100% customer satisfaction.
However, don’t trust reviews from a single source only. Instead, check out multiple platforms for references and reviews.
3. Insurance Policy
All your options for property managers should have insurance policies. This will shield you against any liability issues. Typically, property managers should have insurance covers for business and general liability.
4. What Other Services Do They Offer?
Do you have different types of properties? If you own residential and commercial properties, you would want a company that manages both.
Juggling property management companies can be expensive. Moreover, the services from every company may vary in quality.
Besides handling different types of properties, you want a manager who does more than looking for occupants. Go for an experienced manager with a track record in maintaining strong tenant relationships. Most importantly, go for someone who offers all-around maintenance.
5. You Want to Make Profit
One of the primary roles of property managers is setting the rent for all types of properties, including residential and commercial. You want someone who can do accurate analysis to determine profitable rates. Remember, you don’t want to undersell your hard-earned home.
After setting the rates, the manager should select the rent collection method. It should be flexible with your needs and situations. The fewer lawsuits for late payments, the more profit you’ll make.
Get a Trusted Property Manager
Consider our guide when selecting a property manager to get the best out of your real estate investments. Property investment can be pretty expensive. You don’t want to take chances with what took you years, if not decades, to build.
Browse our website for more guides on working with a property manager