6 things to consider before hiring a property manager

This is branded content.

If you own property and plan to rent or sell it but have no background in the real estate landscape, hiring a property manager could be your best option. A property manager can assist and guide you through the various rental processes for your property, potentially reducing your workload.

However, before you hire a property manager, there are a few things you should think about first. And for that, this article will present you with the factors you should consider before hiring a property manager. Read on to find them out.

1. Cost of the property manager

The first thing you should think about before hiring a property manager is their management fees. Typically, the management fee is calculated as a percentage of the rent paid for your property. A property manager can charge for various services such as the following:

So, in general, the overall commission they could charge you could amount to up to 15 per cent of your weekly rental income. You can check this out if you would like a more in-depth explanation and a rundown of the cost of a property manager.

2. Experience

Another factor to consider when hiring a property manager is their experience. When it comes to your property, you should only entrust it to someone knowledgeable about how to handle it.

So, for starters, look at their portfolio, the types of properties they've handled in the past, the quantity, and look for reviews from previous clients to see if they were satisfied with the services provided.

You may prefer to work with a property manager who's still in the early stages of their career as you may think they are more enthusiastic about their work.

However, it would be best to look for someone with a few years of experience, as they can be more knowledgeable about how things work in the field of property rentals. They will likely get you through the real estate sales processes smoothly with their expertise. Overall, the ultimate guideline is to look for one who can add value to your property because of their knowledge and experience.

3. Assess the type of tenants they can bring

Consider how a property manager will be able to find high-quality tenants for your property before hiring them. You can look through their database of potential high-quality tenants and see whom they've managed to attract so far.

They must also demonstrate some expertise in dealing with tenants, such as managing tenant screening. Tenant screening entails checking the tenants' criminal records, credit reports, and employment references.

All of this information should be readily available to your prospective manager, as it will aid in the security of your property. In short, it's critical to verify that the prospective manager knows what to look for in tenants before hiring them.

4. See if they are knowledgeable about the rental value

It's also critical to find a manager who can find a competitive rental price for your property. As a result, you should look for a property manager who can generate good returns for your property by knowing the rental value.

They should also be able to conduct rental value reviews regularly to stay current with market prices. You can assess this by researching the rental value and market prices yourself, then ask questions to your prospective property managers to examine their competency.

5. Examine their communication style

Before hiring a property manager, inquire about how they communicate with their tenants. A property manager must be able to communicate effectively.

This is because a property manager can use these skills to engage with tenants effectively, make them feel welcome, attend to their requests, and manage the property and rentals.

In addition, the property manager should be able to provide regular updates on the rental value. How your prospective property manager communicates with others will reflect how they would interact with you.

You don't want a property manager who doesn't value communication because it may lead to you knowing less about what's going on with your property. So, it's crucial to find someone who understands the importance of tenants and gives you updates on any necessary matter.

6. See if they're familiar with property marketing

Lastly, consider whether your prospective property manager is capable of marketing your property. It includes their understanding of any advertising strategies they can devise for the type of property they are dealing with.

Likewise, they should be able to identify the types of features on a property that would be most appealing to the audience who might want to rent the property.

Conclusion

Finding a property manager who meets your needs can be a daunting task in and of itself. You need to look for a property manager who can perform a variety of roles, including being a good communicator, being well-versed in marketing, knowing how to deal with tenants, and having the necessary skills to handle the job.

As a result, it may be a good idea to assess these skills in your prospective property manager before hiring them.