Investment in rental property is a big deal that you make with an eye on long-term earnings. It is often a source of livelihood for many people which is why it needs the best manager to take its care. You can seek proactive and professional property management with Ironfish to ensure proper protection and management of your rental place.
Finding a suitable property manager can be difficult, especially if you are letting a property for the first time. Many landlords struggle to find a qualified manager who provides quality services. They mostly end up hiring a subpar individual putting their investment at risk. Here we describe a few tips that can help you finding the right manager to protect your property.
- Look for an experienced manager
The first thing to look for in a property manager is a proven record in handling various issues and parameters related to homes, laws, and tenancy. They should be updated and well-versed with the local and state laws. Make sure the manager specializes in your kind of property. For instance, someone who manages commercial property would nothing about residential ones and managers handling homes in a particular area may not be able to manage properties at a different location. Do not leave your property in hands of a real estate agent who comes as a manager to earn extra money.
- Verify certifications and licenses
Always verify the competence of a property management company or a manager with appropriate certificates and licenses. In some areas, a real estate license or any other license is not required. However, you can still ask for the certifications and professional training they have received. If they have affiliations with any authorized and renowned organization, it adds to their qualification and competence to manage properties.
- Look at online reviews and references
In the present day and age, online reviews are an excellent and easiest way to verify anything or anyone, and property managers are no different. You can visit their websites, social media profiles, and check Google reviews. However, understand that some of these reviews may not be a true depiction of their work. For instance, an evicted tenant would only grind them and a paid reviewer would sing their praises. Make sure you go through ample reviews to understand real service quality.
- Review property management agreement
A property management agreement is a summary of the relationship you have with your property manager. It clearly defines the responsibilities and tasks that the manager is accountable for. You should read it word by word before signing. Ensure that it includes everything you want and nothing that you disagree with.
- Look for managers who have insurance
General liability insurance, property-casualty insurance, etc are necessary and beneficial to the managers and you as well. Make sure that they also have errors and omissions policies to cover the uncovered. These insurances should also be reflected in the agreement.
- Visit properties they manage
Lastly, visiting ground zero can give you a clear picture of the work quality of the prospective property manager. Visit the properties they manage and check for any red flags such as collecting garbage and debris or unattended necessary repairs, etc. This will help you gain trust in the manager and develop a better relationship.