If you own a piece of property that you’d like to rent or lease to a tenant, you’ve likely thought about just what it means to be a landlord. While many people do choose to take on these responsibilities themselves, plenty of others feel like they’d like their passive income to be just that: a little more passive. When this is the case, hiring a good property management agency to be the middleman between you and your renters can help make your life a whole lot easier. So to help ensure you make the right choice here, here are three tips for finding a good property management agency to work with.
Get A Few Referrals
When starting off your search, you may be tempted to just Google property managers in your area. And while you may be able to find a good candidate in there, you’re likely to have better luck if you ask people you know for their own personal referrals. This can help you weed one those property managers who may not be up to the level you’re expecting. Keep in mind, however, that referrals can often be just as biased as reviews you find online. For this reason, Erin Eberlin, a contributor to The Balance, suggests that you get a few referrals from multiple different sources so you can see if any of them line up together to help give you a more well-rounded view of some candidate you’ve been looking into.
Ask The Right Questions
Once you’ve narrowed down your search to just a handful of candidates, it’s now time to meet with them to see how they’ll fit with you and your idea of what a property manager should do. To ensure you get the answers you’re looking for, you have to know the right questions to ask. According to Seth Williams, a contributor to BiggerPockets.com, the questions you ask should all center around three general ideas: their experience as a property manager, your specific properties, and their personal management style for their team. If you fail to ask questions in any one of these areas, you may be neglecting to get some valuable information that could help you make this very important decision.
View Things From A Tenant’s Perspective
Not only do you have to work with this property manager, but the tenants who live in your property will also have to work with them. Knowing this, it’s important that you view things from the tenant’s perspective for a few moments. To do this, Josephi Cruz, a contributor to HGTV.com, recommends that you take note of your first, initial impression of this person or company and determine if you yourself would be comfortable renting from and working with this person or group. If the answer is “no”, consider looking for a new candidate, since you definitely want to do what it takes to make sure you have your property filled with a tenant as often as possible.
If you’re considering hiring a property management agency, use the tips mentioned above to ensure you pick someone who will be the right fit for you.