How to Hire a Property Manager for Your Rental

Why would you hire a property manager when you could do it yourself? Property managers: help you set the best rental rates; have efficient, reliable systems for collecting rent; know how and where to advertise your property when it's vacant; weed out crappy tenants; Will handle all maintenance with their vetted vendors; understand the housing regulations and property laws; allow you to travel; maximize your profitability and your free time, giving you a better ROI than you could receive doing the work yourself.
What's Involved in Hiring a Property Manager?
Schedule time to interview them. They'll ask you a few questions about your property, your plans, and your goals. They'll answer your questions, and if appropriate, will arrange to meet you there and check it out. They'll recommend repairs or upgrades, and recommend a rent al rate.
The property manager will send you a copy of their policies and management agreement. Once signed, the PM will arrange for the repairs/upgrades that you agreed upon, and once it's up to snuff, they'll list it.
How Can I Tell a Good Property Manager from a Bad One? Google them, find reviews, call local municipality rental departments, attend a local investment club meeting and ask for recommendations, and make sure they have the proper licenses and insurance. Make sure you're comfortable with their processes and procedures. Have an attorney that specializes in real estate review their management contract before you sign it. Ask for references and contact them!
How do I change Property Managers?
If you need to flip the script and get a new manager follow the termination requirements in your current management contract. Most property managers require 30-60 days written notice. If your property has tenants, your new PM will generally handle all of the communication with them. They'll also handle the communication with your former PM.
  • May 11 2014 - US
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