The average real estate investor can make around $107,016 per year. That means, they need a good property manager to help them through the process. Unfortunately, many of these individuals are inexperienced, so getting the wrong person can hurt your investment.
However, finding the right individual for the job can help you profit from your investment. We know how challenging it can be to sort through all those property managers. That is why you should keep reading for tips to get the right property person for the job.
What Is a Property Manager?
A property manager is responsible for the operations and maintenance of a property. This includes tasks such as:
- Collecting rent
- Paying bills
- Maintaining the property
- Dealing with tenants
The property manager may also be responsible for finding new tenants when there are vacancies. In some cases, they are responsible for marketing the property. They typically work in an office environment but can also spend time on-site.
Knowledge of the Local Market
Hire a property manager who is knowledgeable about the local market. They should know the average rent for a two-bedroom apartment in the area. They should also be up-to-date on any new developments or changes in the market that could affect your property.
The property manager should understand the Fair Housing Act. This law protects tenants from discrimination based on race, religion, and disability. They should also know how to comply with this act to protect the tenants.
Out of all the property manager tips out there, communication is the most vital. These individuals should be able to communicate with you, the tenants, and other professionals.
They should keep you updated on what is going on with your property. Since tenants can cause drama, an experienced property manager should be able to resolve it professionally.
A good property manager should have a system in place to track all the information related to your property. This includes maintenance records, rent payments, and tenant information. They should also be able to provide you with this information when needed.
This is important because they will need to negotiate leases with new tenants. They will also need to negotiate contracts with vendors.
The ultimate property manager guide to a good hire involves people skills. They will be dealing with a lot of different people. They should be able to build good relationships with tenants, landlords, and other professionals.
Get a Contract
When you find a property manager you want to hire, make sure to get a contract. This will protect both of you in case something goes wrong. The contract should spell out the manager's duties and what is expected of you.
When you are close to making a decision, check references and testimonials. Talk to other landlords that have used their services. Find out if they were satisfied with the job they did.
You should also perform a background check on the property manager. This will help you weed out anyone with a criminal history.
Sorting Through All Those Property Managers
After reading this article, you should know what to look for when hiring a property manager. Be sure to use these tips to find the right individual for the job. With the right person in charge, you can sit back and relax while they take care of your investment.
If you are having trouble sorting through all those property managers to get to the best, let us help. Apply online for a consultation today.