Managing rental property yourself can become overwhelming depending on your circumstances. Hiring a property manager can be a great way to make sure your investments are taken care of. It is important that you find someone that you can trust to help you meet your financial goals and to keep your best interest at the forefront. Whomever you choose will be making critical decisions on your behalf so it is important to put in your research when choosing who you will work with.
Here are some ways to make sure you are choosing the right person or company:
Ask your friends
Getting a referral is the easiest way to start. If you know anybody who has hired a property manager before, ask the name of the company or person that they hired. Ask if their service was satisfactory. Ask their opinion on the property manager’s strengths and weaknesses. Use referrals as a starting point…make sure you follow up since word of mouth is often biased.
The best way to follow up on a referral is to do an online search. This will likely be your first step if you are not referred to someone by a friend or business acquaintance. When you are looking online find as many reviews as you can. Almost nobody will have a completely perfect review history. But, if the bad reviews outnumber the good, you might want to keep that in mind. Check out the properties that they currently manage. See if they are somewhat like the properties that you own. If you own multi-family property, look for someone that has experience in that area.
Interview Several Property Managers
After you’ve done your research and narrowed your choices down to a handful, meet them in person. It is important to find someone that you can get along with. You may find someone with an impeccable online presence, years of experience, and multiple word of mouth compliments and still find that they are not for you when you meet in person. You don’t need to be BFF’s with your property manager, but you will be entrusting them with a lot so make sure it is someone that you are comfortable with.
If you are searching for a property manager consider Lisamarie Wand. Lisamarie is experienced in residential real estate, commercial real estate and property management. Reach out to her today to discuss your rental properties.