Selecting a property manager is a big decision that will have a long-lasting impact on your real estate investments. A good property manager is worth their weight in rent money and can make your life a whole lot easier.
If you’re new to real estate, you know there’s much to learn about the business – especially if you’re looking to rent out your property. To lighten the burden, you might consider hiring a property manager to help you manage your unit. However, you’ll want to be exceptionally careful with your decision as this person will be a reflection of you to your tenants.
If you’ve never hired a property manager before, you might not know what to look for. To help you make a smart decision, we’ve put together a few key traits a good property manager should have.
First, ask yourself if you would trust that person to stay in or rent your home. Trust is often overlooked in business, and it should be the first thing you look for.
2. Experience With Your Type of Property
Hire a professional who has experience with the type of property you acquired. Commercial properties and tenants have different needs than residential ones. Even retail will have various issues than an office. An individual with experience will be able to identify value-add opportunities.
3. Tenant Screening Process
The best property managers are ones who screens tenants by conducting background, credit, and reference checks. It’s important to find property managers who are professional, reputable, and well-established to keep both the landlord and tenant happy.
4. Their Technology Stack
More property managers than ever before are using technology. But look for the company or individual that offers a full stack of services integrated with technology. You want a property manager who knows how to leverage the data about your property to make precise and proactive recommendations.
5. Billing Transparency
When it comes to billing, it is essential to know its policies for other charges, including maintenance, leasing, and other activities. Do they send you the bill directly, or do they mark up maintenance or other orders?
Do they take a fee or percentage for leasing units? Understanding upfront how they charge will alleviate common misunderstandings later.
6. Long-Term Mindset
Ensure the property management company you work with has a long-term mindset because real estate is a long-term play. Make sure to surround yourself with individuals, agents, and property managers that all have the same attitude as you. Make sure they have your best interest at heart and want to help you accomplish your goals.
Work With Experienced Property Managers In Long Beach
If you require rental home management in Long Beach, the Harbor Property Management experts can work with you to achieve your goals. We offer a full suite of services for property owners, including:
- Screening tenants
- Performing service calls
- Scheduling maintenance
- Handling the collection of rent payments
Our goal is to allow you, the property owner, as little involvement as necessary when handling the responsibilities of owning a property.