Property managers are professionals who can take over the day to day responsibilities of a landlord or board of directors. Some of these responsibilities include basic accounting and reports, rent or fee collection, property inspections, applicant screening, and general resident communications. When it comes to hiring such an individual, however, it may at first seem like a daunting endeavor. Below are five helpful tips on how to pick a property manager that will make this task a bit less challenging.
1. Start with Referrals
Word-of-mouth recommendations are always helpful when hiring any type of professional, and the same is true when selecting a property manager. If you have friends in your city who own investment residential or commercial properties, may be a member of a condo board of directors, or if you’re still in touch with the real estate agent who sold you your buildings, ask them whom they use and if they are satisfied. In most cases, if a professional did an exemplary job for one person, it’s safe to assume they will do so for the next.
2. Choose Someone with Specialized Experience
Property management is a rather complicated field of work, so when hiring a property management company, it’s best to choose one with a long-term, proven track record. Experience with your specific type of property is also something you should look for in a candidate. Always avoid individuals who are simply moonlighting for extra money, as they likely won’t have the specialized training you desire.
3. Ask Specific Questions
Testing candidates by asking distinct questions is an ideal approach. Anyone who is trying to figure out how to find a property management company probably thinks about specific scenarios and wonders how they would be handled by the prospective manager. Instead of wondering, ask each candidate directly how they would address various problems. These scenarios may include excessive vacancies, after-hour emergencies, property damage, or the eviction process. Our service proposal includes a chart with several key considerations listed which invites you to compare the answers to these questions from one prospective property manager to the next.
4. Examine the Agreement in Detail
Nothing is more important than the agreement you sign with the person you choose to manage one or more of your properties. The contract typically outlines the responsibilities and tasks assigned to the property manager, as well as your obligations to the person you hire. It’s vital to read it carefully and make any desired amendments prior to signing. This way, you know exactly what to expect and can avoid unpleasant surprises in the future stemming from disagreeable clauses.
5. Verify They Have the Necessary Licenses and Certifications
Protecting your property is crucial to having a positive return on investment. When you select a property manager, make sure to verify that they are certified and have the licenses that back up their expertise and professionalism. Some provinces require specific licenses or certificates which any property manager should be able to provide.
Professional Property Management That Gets Results
The professionals at Larlyn Property Management understand that finding a suitable property manager is a crucial task. Our professionals have the knowledge, skills, and long-term experience to manage properties like condominiums, residential, and commercial properties. We can offer an agreement tailored to your exact needs. Get in touch with a professional at Larlyn today and enjoy the peace of mind that comes from knowing your properties are in expert hands.