The key to successful property management is a great property manager. The question is, how do you find one who is trustworthy and up to your needs and standards?
After years of helping clients connect to reputable property managers, BCI Properties is now sharing the art of choosing the best one for your real estate investment.
- Start with referrals from trusted friends or colleagues.
One of the best ways to jumpstart your search is to turn to fellow real estate investors or professionals. Reach out to colleagues, such as friends and real estate agents, and ask for referrals.
Create a shortlist from the names you’ve collected. Aside from reading reviews online, double-check with the local Real Estate Commission to make sure everything is in order.
But what if you can’t get referrals? Taking your search online is your next bet. Concentrate on property managers in the area and double-check their experience and credentials.
- Schedule interviews.
Your property manager is your right-hand person in the day-to-day management of your rental property. This is why it is always highly recommended to meet prospects to screen them properly.
This is a job interview, so maintain a professional air. Take note of the way they present themselves. Examine their resume and ask pertinent questions, specifically regarding their experience in property management.
Remember to make the scope of the job clear. If your rental property is an apartment complex, a property manager whose past experience is only limited to single dwellings might not be the best fit.
- Determine their work style and load.
You want a property manager that can devote enough time to oversee your rental. Knowing your prospects’ individual work styles and respective loads will help you determine who is the better candidate.
Consider the following factors:
- Do they also manage their own properties? If so, they might give their own investments higher priority than yours. There might also be conflict of interest, which can lead to your business failing.
- How often do they check on properties they manage? At most, your property manager should be able to check on your rental/s on a regular basis. If not daily, then at least weekly.
- Do they communicate properly? To ensure tenant retention, your property manager must be responsive, amiable, and adept in handling tenant relations. Poor communication skills are a no-no.
- Negotiate according to your needs.
Knowing just how much a property manager charges is important, naturally. That said, you should negotiate according to the scope of the work. This will help you avoid paying too much for minor services, and paying too little for extensive work.
To make sure the charges are fair, carefully outline the terms and responsibilities, such as the regularity of the maintenance, as well as the handling of tenant issues.
BCI Properties has been helping landlords and real estate investors find their ideal property managers for years. Contact their dedicated team today here to connect with the best property managers in Washington State.