Most of the time, owning a rental property is always a worthy investment. However, with the reward comes to the responsibility of being a landlord. For most people who find managing tenants difficult, the solution is in hiring a property manager. That being said, as noted by Steven Taylor Los Angeles, handling tenants is certainly not a walk in the park. That is why you need someone good at property management. Here are a few traits you can look for in a property manager.
Have Experience of Your Type of Property
There are different realtors for residential and commercial properties, and it is the same way there are different managers for the two. Managing a commercial property is not the same as managing residential property. Therefore, depending on the type of property, find someone who has knowledge and experience in that sector. The right person will easily identify opportunities for added value and help increase your net operating income.
Aside from experience, the key traits to look for when choosing a property manager include the individual’s tenant screening process. The best property managers look at the prospective tenant’s comprehensive background, references, and credit checks.
Of course, it’s also crucial to choose a property manager who is responsive and available when your tenants need assistance. So, hire someone who is experienced, with good soft skills. You might want to consider hiring someone from a reputable property management company to benefit from their insurance and service guarantee. This could also mean someone with some degree of accounting and financial acumen.
Choose Someone with Local Expertise
When it comes to managing a property effectively, knowledge of the local market is essential. This is not just because they understand local competition to determine the right pricing. Steven Taylor LA recommends choosing someone with local expertise because they also understand how the local laws work regarding licensing. Every jurisdiction comes with specific rules governing rental properties. A local expert will also understand the market demographics. Therefore, they will tell you the ideal target market for your kind of property and the ideal rent to set to attract people. Another important reason for choosing a local manager is because they have built relationships with vendors. Therefore, every time the property needs repair and maintenance, they know the right people to call.
Tech Savvy and Organized
Record keeping and communication are critical when it comes to managing a rental property. That is why you need to choose a property manager who possesses the technical skills to handle the demands of an administrative role. They also need to be organized and efficient, especially when it comes to keeping records. This is vital when you own multiple properties, as you need to know the number of properties occupied.
You can adopt a technological solution, like a property management software to help with the above tasks. This technology can help property managers and landlords in tracking leases, collecting rental fees, auditing maintenance tasks, and managing tenants. A property manager who knows how to use similar software program is a good catch.
There are costs that one cannot control, like insurance, taxes, and mortgage payments. There are also controllable costs like maintenance, upkeep, and marketing costs. For instance, instead of mowing a lawn less often, which will only lead to an unsatisfied tenant, it is better to find an affordable vendor to call every time for the job. When you sign a lengthy contract with them, they are likely to be affordable. That way, you are not getting rid of the cost but controlling it.
Referrals can be a great way to get the right manager for your property. You can ask your friends and colleagues or anyone in the real estate industry of any property managers they know. Apart from referrals, the Better Business Bureau is a great platform to check if prospective managers have a license to operate or if there have been complaints against them.
You can use online sources to find an agent who can refer top property managers as well. Make sure that the agent is reputable to ensure that you’ll be hiring an experienced property manager. Once you’ve found the right agent, you’ll have more options and a good connection network in managing your investment property. Choosing the right person to manage your property is vital in ensuring you enjoy your investment. The above tips can efficiently help you narrow down your search for the right person.