Cheaper Isn’t Better
When shopping for items we want, most of us tend to look for sales or discounts. Maybe it’s in internal thing, something that makes us feel good or smart. However, when it comes to hiring a property manager, the least expensive is not necessarily the best choice. Quality is important in most situations but when it comes to property management, quality is vitally important. Hiring a property manager will be managing your real estate investments.
Quality is #1
First and foremost, identify and know what your specific needs are in a manager. Then look for managers who will be the best to meet your specific needs. The best manager may or may not be the most expensive but at this point, don’t consider cost yet.
What is saving a couple of % points if you continue to have property or tenant issues that YOU have to handle or get involved in. You can‘t under estimate the cost of a properly managed property. The point is if you are faced with a choice between quality or price, go for quality.
A Licensed Property Manager is a Must
Many states have rules that define a ‘license’ property managers. These rules are usually defined by the state real estate association.
A licensed property manager are required to register with the state’s real estate association. As with any regulations, they must remain complaint with all policies and regs.
Licensed property managers understand they are in business to stay in business. They run their business accordingly. Using a non-licensed manager often leads to a manager ‘winging’ it. You certainly do not want to trust some of your largest investments with someone like this. Also, licensed managers have a deeper knowledge of the business. Licensed managers will also have the proper insurance which provides you with a level of legal protection.
Don’t Overlook Your Niches
Not all rental properties are the same. There are many niches for property rentals. Apartments, Mobile Home Parks, Commercial, Residential, Single Family, Vacation Rentals, Short Term Rentals, Section 8/Government Assistance. So be sure to look for property managers who have experience with your particular portfolio. Also, don’t overlook the geographical area. Each area is different with different tenant types.
Find a Property Manager who Also is a Landlord
A property manager that is also a landlord will give you an additional level of comfort, knowing they have a deeper understanding of their job. It is proof that they understand your needs.
Should You Hire Family or Friends?
I’ll answer that question with a question. Should you take a sleeping pill and a laxative on the same night? There’s your answer!
PropertyZar is a real estate technology company specifically in the web-based property management software for owners and professional property managers. Learn more www.PropertyZar.com