4 Top Strategies to Find a Top Property Manager
Home owners and real estate investors at times find it hard task to get a good property manager. Here are 5 Top Strategies to Find a Top Property Manager.
Owning rental property is one of the greatest ways to generate income without having to go to work from 9 to 5. It also comes with a lot of responsibility in terms of managing the property and keeping your tenants happy. One way to generate income and not have to deal with the day-to-day of property management is to hire a property manager.
Not sure how to find the top property managers or what to ask them? We've got you covered. Read on for some critical questions to ask before you hire a property manager!
1. How Much Experience Do They Have?
Property management is a complicated job that requires knowledge of everything from accounting to law. For that reason, you'll want to find a seasoned property manager to manage your rental property. Ideally, you'll want to find someone with five or more years of experience in property management.
If you're renting a multi-unit property, you should also ask them how many years of experience they have with managing a property with a similar number of units.
2. What Are Their Fees?
Rental property is meant to generate income. Finding a property manager allows you to spend your time pursuing other activities, but there's no point in hiring one if their fee is going to eat up all of your profits.
The average property management company charges around 10 percent of the monthly rent to manage the property and then an additional fee for renewing leases. Keep in mind that your property manager can help you set your rental rate at a level that allows you to make a more substantial profit, thus allowing more wiggle room for their fee.
3. What Is Their Vacancy Rate?
Property management companies manage multiple properties. One way of measuring success is by maintaining a vacancy rate across individual properties and throughout their entire portfolio. The company should be able to provide you an exact number rather than a generalization like "low."
4. What's Their Knowledge of Fair Housing Laws?
One of the biggest things a property manager will have to deal with on a day-to-day basis is federal, state, and local fair housing laws. These laws are meant to protect tenants and prospective tenants from discrimination.
While many property managers may not act with the intent of discriminating against people, certain things may be construed as discriminatory. For example, if a prospective tenant asks if kids live in the building or community, the answer given could be viewed as unfair. A knowledgable manager will know how to answer the question without putting you at risk.
Looking for the Top Property Managers?
Finding the top property managers doesn't have to be a difficult task. These questions will help you separate the wheat from the chaff. In the end, you'll have a well-maintained property, a lucrative source of income, and a ton of happy tenants!
Ready to get started with finding the perfect property manager for your property? You're in the right place. Contact us today to see how we can help your property become a success.