Property Investment 101: Follow These Tips to Find the Best Managers in Town
Employing the right person to manage your investment is a tough decision; hence, you have to do your research before picking one. Notable skills to look out for include actual experience, honesty, and organization. Here are 3 tips to help you search for the best manager after selling property.
Gather Referrals from Numerous Sources – Don’t Limit Yourself.
The first tip for finding the best property manager is through word of mouth. By affiliating with a real estate agent and other property owners in your state, you can be able to find the best choices. You need to obtain a list of the property management companies or property managers they have used or are presently using. It’s advisable to ask what they have been satisfied and what issues have they experienced. But, bear this in mind – a referral could be biased. This is why it’s wise to get referrals from numerous sources. If you hear the same thing about a company or property manager several times (whether it’s good or bad), there’s a greater chance that it’s true!
Do the Online Search for Property Managers.
The next trick is to do your own research! Besides, you can do an online search for property management companies. Other specific sites allow you to type in the size of your property and your location and they’ll produce a list of property management companies from your area. Before spending your time in interrogating property managers, you need to check out the company’s reviews on specific sites or social media networks. It’s not a bad idea to call the Better Business Bureau to know what kind of ranking the company has and if any cases have been filed against them. In your research, you can come across some of the similar companies that you got through referral. This will enable you to learn more about the company and additional reviews.
Learn More About Their Current Tasks.
Check out some of the property manager’s current tasks. Are the properties well preserved and cared for? Are they professional and free of illicit statements? Do they advertise in a lot of areas or are their ads limited to specific sources or community bulletin boards? To clarify your fears, you have to check out the actual properties they manage. You can collect crucial information by speaking to the tenants they currently handle. As property management is about keeping your tenants satisfied, it’s wise to have their opinions as well!
Do they feel like their concerns are resolved? Is the building comfortable? Does the tenant plan on renewing their lease agreement? How long does it take for maintenance or a repair concern to be addressed? These queries will help you decide if the current tenants are fully satisfied with the management’s performance. Moreover, you have to ask the management company for a list of the monthly reports you’ll be receiving in the future.
Looking to invest in property development in Australia? Interview various potential property managers. You’ll want to interview these specialists so you can compare them to find the one that’s really capable of handling your property!