4 Common Mistakes Made When Selecting a Property Manager
If you own a property, it won’t make money just sitting around. The best thing you can do is to rent it out with the help of a property manager, who will check in on maintenance, interact with tenants, and make sure everything is always paid in time.
A good property manager should take all the worry and hassle from you. But many new investors, unfortunately, fall victim to managers who only make life harder. Check out these 4 common mistakes that you can avoid when choosing which property manager to go with.
Cheap Doesn’t Mean Good
You’ll want to save as much money as possible, but when choosing a property manager, don’t pick an agency just because they’re cheaper than the competition. Usually, this means that the property manager is managing more properties to make up the difference, which can lead to lower service levels and poor overall service.
Don’t pick someone who’s a friend either, or at least be sure that you can separate business and friendship. Even if you’re friends, you don’t want an unprofessional property manager who you chose just because you know them. That will only lead to mistakes being made with your investment in the future.
Thorough Tenant Checks
You want your property to have people in it as soon as possible, but don’t confuse speed for efficiency. Be wary of those property managers who find tenants too quickly, as this can mean that they’re not being thorough enough when it comes to checking rental history and backgrounds of prospective tenants.
You’re leaving the property to the manager, but while it can seem peaceful for them to handle everything, you want someone who will update you on the property’s status. A manager who doesn’t communicate properly with you may be hiding some serious problems from you, including problems with tenants or maintenance.
Your manager shouldn’t only communicate with you though. He or she should also communicate with the tenant. Some managers also don’t go after renters who haven’t paid the rent until it’s too late.
This is serious, since the tenant may get evicted just because the property manager hasn’t communicated with them. No communication or inconsistent communication allows the tenant to get behind on rent, which defeats the purpose of renting out the property in the first place.
Your property manager should be able to pay attention to even the smallest details to make sure that everything is handled properly. If they tell you that they don’t have enough time, this is a red flag.
Every request you give them should be followed up, every problem solved, and everything communicated to you. All of this will be done in a timely manner if you have a good property manager on your side.
It can be difficult finding a good property manager when you’ve never had to pick one out before. Before signing on with the first person you find, check out these 4 common mistakes people make when hiring a property manager.
Using these tips, you’ll be able to find a property manager who really does handle everything seamlessly. You won’t have to worry about your investment or the property itself then.