Whether you’re looking for a residential home or rental property, getting a slice of the real estate industry can cost a lot of money. There are many factors to consider and if you’re not careful, you may end up on the losing side of the market. To ensure that your investment has the best chance of being profitable it is important to have it well managed. For that, you need to pick a property manager, a qualified individual who knows the ins and outs of everything from tenant rights to local council by-laws.
Don’t know how to choose a property manager? Here are some pointers:
Look for local property managers
Narrow down your selection by zeroing in on property managers in your area. Local knowledge is essential when it comes to the real estate industry, and hiring a local property manager who knows how to attract tenants and what rent to charge is critical.
Aside from online reviews, consider relying on word of mouth. Ask family members and friends who have experience with investing in properties in the local area. Real estate agents and property owners will also be able to share their personal reviews.
Cheaper is not always better. The same holds true for property managers. It may be unwise to hire someone just because they offer the lowest fees. Bear in mind that you often get what you pay for. Having said that, it is also crucial to set a budget. You don’t want to spend more than you need to for a property manager.
Create a list of potential property management companies and ask questions about the services that they offer, how they communicate with their clients, track records, etc. Ask for their licence and certifications, as well as the number and type of properties that they currently manage in the local area. Not all property managers are created equal, so asking questions like this is essential to clearly see who best meets your requirements.