Choose and Property Manager

Getting a manager to look after your property can be a truly great thing or a terrible headache depending on your choice! Property managers can help you in many ways by taking all the hard work away from owning a property but a bad manager can cost you a lot of extra money (even if they are cheap) and even result in partial destruction of your home followed by legal trouble. So choose wisely and don’t rush it.

You need to know what kind of deal you want. How much money you can spend on a manager, if you want full management which involves them handling every single thing from tenant selection to handing out arrears notices and inspecting the property with full repairs (of course with your approval) or if you want some basics or somewhere in between. Of course knowing what you want and need is always a good place to start!

Next up you want to start looking up property managers that are registered on www.irem.org with CPM status, Certified Property Management. Check with the Better Business Bureau and with general Google searches to make sure there are no complaints out for the ones you are thinking of contacting.

When you contact the companies ask for a face to face meeting, see if they can give properties they manage and even if they have a chance to show you round any to see what they can do for you. Find out what fees they charge and if there are hidden extras such as premiums for arranging repairs or costs for sending out notices on your behalf. Ask to see a sample contract and read all the nitty gritty. You want a company that cares about giving you great service.

If you get a chance go to some of their properties alone and if you happen to see any residents just say you are trying to find out more about the property management company and ask how they are being treated and how efficient they are at responding to repairs and queries. See if the property seems in good repair and also if the immediate area around it is well kept.

Just be vigilant and if any red flags are waved then don’t go with that company. There really are plenty of companies out there doing property management and your choice should not be rushed or uncertain. You will find a company that cares about your place and takes care of people who live there.