Identifying the Right Property Manager for the Job
What to Look for When Hiring a Property Manager
Buying an investment property is only the first step in a profitable real estate business plan. Whether you have chosen a single-family house, a multi-family building, or even a commercial property, most investors partner with a property manager to help run the business side of things. Property managers maintain the building and grounds, take care of your tenants, and handle the routine of marketing and screening for new tenants. They collect rent on your behalf and make sure that routine matters are neatly handled so you don’t have to wait by the phone all the time.
However, there is an important difference between a good vs bad property manager. Not all property managers or services are the same, and it’s important to find the right property manager to take good care of your investments.
What should you look for in a property manager? The signs are clear if you know how to see them.
A Successful Track Record and Positive Reviews
First, check their reputation. A good property manager or management team will likely have a positive public rating and several satisfied reviews from other property owners who have benefitted from the service. Check licenses and business ratings. Check their website and Google reviews. A well-reputed business is often easy to spot, while one with a minimal web presence should cause you to look twice.
A Team with 24/7 Availability
The most effective property management services are teams that can provide 24/7 support for your tenants. Emergencies can happen any time. When storms hit, pipes burst, or the AC/Heat goes out, you want your property management team to have someone answering the phone, ready to send an emergency service over right away. A responsive 24/7 team will take better care of both your tenants and your property with the ability to act swiftly and prevent further damage.
A Trusted Resident Service Network
Speaking of services, a good property management team will likely have a network of trustworthy trades services on-call. They will know the three best plumbers in town, have a favorite roofing service, and know where to get fast HVAC repairs at a good price. Property managers who are already successful in the area will know who to call for every type of emergency, including services that can send a repair team in the middle of the night, if necessary.
A Website and Client/Tenant Portal
Tech-savviness and accessibility also play an important role. Look for a property management team with a website and portal features. Property owners should be able to see their properties and how they are being managed. Tenants should have an easy online path to maintenance requests and inspection scheduling. If you see a high-quality property management website that is clearly in active use, this is a good sign.
A Streamlined Onboarding and Turnover Process
Onboarding a new property and the tenant turnover process are two of the most intensive jobs a property manager must do. They should have a streamlined process for cleaning, repainting, and repairing properties before tenants move in. They should know how to attractively photograph and list a property, and have a trusted process for attracting, screening, and selecting tenants.
A good tenant turnover process achieves three important things. First, it will minimize the money you lose to vacant months when your previous tenant leaves. Two, it will ensure that your property gets a full maintenance round and is spruced up between tenants. Three, it ensures that high quality tenants are selected who will be good stewards of your property.
Responsive and Clear Communication
Lastly, be sure you are satisfied with the communication style and responsiveness of your property manager. You want a provider or team who answers emails promptly, can always make time for a phonecall, and who gives clear information both routinely and when asked. Request to see how they send routine reports to their landlord clients and start a comfortable flow of communication before you engage a property manager to ensure that you and they will get along as business partners.
Making the Right Choice for Your Property Management
Choosing a property manager, you are entrusting your investment real estate to the care of another person or team. They should be competant, proven, trustworthy, and have a network ready to deploy in the care of your property and tenants. They should have the right attitude, a responsive communication style, and co-management routine that works for you as the property owner.
At Leaf Management, we strive to embody every one of these requirements and will gladly show you our credentials, routine, and network so that you can rest at ease with your properties in the care of our management teams. Your properties should be managed by someone you can trust, contact us today to learn more.