- June 29, 2018
- Posted by: Ruchir Gulati
- Category: Home Loans, Money Saving Tips, Mortgage
Hiring someone to manage your investment property is as important as choosing the right property to invest in. With the property investment rates reaching new heights, it has become crucial for owners to find right managers who have the potential to maximise their profits while at the same time minimise their stress.
In an ideal scenario, the best way to take care of your property investment is to be involved with the property at all times and manage all ins and outs of any situation that arises. However, for people who have full-time jobs as their primary source of income and treat rent as their secondary source of income, this work may be too time-consuming and at times tedious.
In such situations, it is best to hire a property manager who has the required skills to manage and provide best returns on the property you have invested in. The challenge then is to find someone who has the necessary high level of skills as well as the integrity required for effective management and communication.
Therefore, to help you choose an ideal property manager, we have combined the list of our top 5 tips which will assist you when considering hiring someone to take care of the property you have invested in.
Referrals Are the best way
One of the best ways to hire a good property manager is to ask for referrals from your friends or relatives. They can help you by connecting with someone who has helped them manage their property before. If you don’t have anyone that you personally know that can make a recommendation then you can try talking to local residents in the area where your property is located.
However don’t hire a property manager solely on the opinion of a single individual, rather talk to other people and see what they have to say about the company you plan on hiring. A single person’s opinion can be biased, however, if a group of people has the same feedback, then this gives you more confidence that your property will be managed professionally.
Utilize the Power of the Internet
One of the other effective ways to hire and connect with property managers is to research and find out about them and their reputation, on the internet. You can either directly search for property manager contacts online, or you can find out contact details of property management agencies who in turn will connect you to the right professionals. Also read reviews about these companies or professionals you find, as it will help you in the decision making process.
Check Their Past Work
The best way to judge the potential of any property manager is to check the work they have done in the past. While conducting interviews for this role ask potential property managers about the problems they faced during their career and how did they tackle those or what solutions they put in place. Most managers are prepared to answer the usual questions about property management, therefore to isolate the ones who really possess good knowledge and skill, you need to thinking of some questions outside the box, that will truly test their knowledge.
Also if possible, talk to the tenants residing in the property being managed by the property manager you are considering hiring, as the tenants will give you an insight into how well this individual handles situations with regards to building management. No matter how much you have invested in a property, your tenants are the ones providing you returns, and hence keeping them happy should be your property manager’s priority.
Don’t Let Cost Influence Your Decision
Hiring a property manager; one who will provide you with great returns, and at the same time maintain your property well, is going to be a tough job. It is going to cost you a significant amount of money, however, a good property manager is worth investing in. Don’t hire a manager simply because they are quoting a very cheap price as chances are he/she is doing so at the expense of the job. Paying a bit more for a capable manager is a safer option than hiring someone who is poor at doing what they do.
Consider it like this, you are investing in a good manager right now, who through their connections and expertise will provide you with even better returns, thereby balancing out the cost
Trust Your Instincts
Handing over your investment to someone else’s care requires you to trust the individual completely. Therefore, only hire a property manager who you trust and one who is honest and has integrity. You are hiring a property manager so that you don’t need to deal with the hassle of making decisions, deal with property issues as they arise, etc. You are hiring them to do this work on your behalf. Therefore aside from carrying out a background check on the individual, listen to what your instincts say. If you feel comfortable with the idea of giving the individual you have chosen, control over your property then it is best to go forward with the decision. If not keep looking until you find the right match.