As a landlord, one of the biggest decisions you’re going to have to make during your career is whether or not you should hire a home rental property management company. If you’re managing more property than most, a property manager can be a huge asset to your business. That being said, they don’t come cheap. Consider these factors to help guide your decision when it comes to collaborating with a property manager.
1. You live far away from your properties
If you live hours away from your properties by drive or even by flight, you may do best to have a helping hand on location. After all, if a tenant needs a lightbulb change or plumbing job and you aren’t around to assist, it could make or break your career.
2. You’re not great with handiwork
Being skilled at selling properties doesn’t always mean you’re skilled at maintenance and repairs. Having a property manager on-call can make it easier to address issues such as re-tiling or roof repairs. Chances are, they’ll be well-connected with handypeople within the area.
3. You don’t have the time
If you find yourself drowning in maintenance requests and rent collection, it may be time to outsource some assistance. If you’re doing taxes and contacting a lawyer to deal with an unexpected eviction, having a property manager on-call can come in handy.
4. You’re not really a people person
Keep in mind that making a ton of phone calls comes with being a landlord—but communicating with dozens of tenants a day might not be all that enjoyable. If you aren’t too skilled a communicator, you may want to hire a property manager to do the talking.
5. You don’t want to deal with the stress
Let’s be real—every now and then you’ll have to deal with a difficult tenant or unwanted circumstances. If you need a hand, don’t hesitate to outsource a property management company.
How to Pick the Right Property Manager for Your Business
Working with a property manager means having to trust them with your most valuable assets such as tenant information and tax details. You’re going to want to seek out specific qualities and benefits before signing with just anyone—take a look at these steps.
Check their references and experiences
If a company is making big promises, ensure that they can back up these claims with a good track record. Treat this process as similar to hiring an employee—they’re going to have to provide you with positive references and samples of previous work before making a decision.
Examine what type of technology they use
Especially in this growing digital landscape, a modern management company should have an online portal for both tenants and landlords. As a property owner, you should have access to bills, payments, and all aspects of your portfolio without having to pick up the phone. Your property manager should also provide tenants with an option to manage payments online.
Read their cancellation clause
When looking over your contract, ensure that your chosen manager is incorporating a reasonable cancellation policy. Most companies will require a 30-day notice, but some might demand up to 90 days.
Evaluate their level of commitment
When it comes to renting out properties, you’re going to have to be prepared to deal with requests on off-hours or even holidays. If a property manager is only willing to work from 9 – 5, they might not be as committed as they make themselves out to be.
Consider how they handle conflict
Observe a property manager’s general conduct with you—are they polite? Laidback? A little firm? The way your manager treats you can be indicative of how they’ll treat your tenants. Don’t be shy to ask how they’ve dealt with previous conflicts.
Collect multiple bids
If you’re considering several property management companies and the fees appear to have dramatic discrepancies, consider where these higher rates are directed.
If you ultimately decide to hire a property manager, remember to do your research. Looking for property managers in Indianapolis? We at Polaris Property Management are your guys! If you could use the flexibility to improve your rental services, don’t worry—we’ll take care of the rest.