So you have decided to hire a property manager to make your investment work a little better. How should you try to find one? It would start with your real estate agent, your friends and your local investment group. Get the names of property managers with those who have had good experiences. If you do not have these resources, or none of your investor’s contacts are using a property manager, you will need to turn to other sources, such as past advertising you received as owner and / or yellow pages or an equivalent online page.
As with any rental of a service, it is always a good idea to interview at least three different property managers to feel the reasonable fees and procedures for your market. You may be surprised by how varied it is.
If you have received a personal recommendation or you are advertising, it is very important to interview your potential property manager carefully.
Some information is vital and obvious to ask questions about rental property management services, the way renters provide, and when and how they will send you the rents you owe.
Other things are also important to ask, but finding the weird details of how each step in your escape process works is not as important as determining if you are aware of how to do an evacuation. If someone is able to respond confidentially and in detail to your questions, they have systems in place that they know and follow. This is important if you want to hire a property manager to reduce their headaches. You want to hire someone who is well organized, knows what to do and will act promptly when necessary.
Remember that the fees are negotiable, so before deciding who to hire, try to get the best possible rate from the property manager you trust.
For a complete list of questions we recommend consulting with a property manager before hiring them, see Cookbook for Real Estate Investors.
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