How to Find a Great Property Manager for Your Rental Property

If you’re looking to hire a property manager it can be difficult to know where to start. After all, when looking online, it can be hard to know if the reviews you’re seeing are legitimate or not. Likewise, looking at a property manager’s website can only tell you so much about them. So how then, can you tell if you have a good property manager on the line?

Having a good property manager, one you can trust, can impact your rental’s success. Especially if you are overseeing your property long distance or have found yourself in over your head. Fortunately, there are plenty of other ways to determine the legitimacy of a property manager, besides online reviews and promises found on their website.

Let’s take a look at some of the things you should consider, look for and even ask, to help make the answer clear in your mind.

What Is a Property Manager?

Before we uncover signs of a good property manager, let’s first discuss what a property manager is. 

Responsibilities of a Property Manager

For those unaware, a property management company, as the name suggests, handles the management of your property so you don’t have to. They manage the day-to-day tasks as well as the long-term tasks such as maintenance and repairs. They handle tenant requests and concerns, collect the rent, advertise your property in between vacancies, screen tenants, and so much more. They also keep up with the local and state laws regarding rental properties, arrange for repairs to be made, and, when necessary, even oversee the eviction process.

Why a Good Property Manager Matters

A good property manager frees you up, reduces stress, and keeps a good handle on your property. An experienced property manager will be able to help you set the rent correctly, finding the sweet spot so you’re generating decent returns, while still being competitive with other options that are out there. While many claim to be the best, it is important to ensure that you are really getting the best property manager for your needs. After all, your property’s success is in their hands.

Wondering if you need a property manager? See: When Does It Make Sense to Outsource Property Management?

7 Qualities of a Good Property Manager

If you currently have a property manager, then there’s a good chance that you already know whether they’re qualified. The truth is, if you’ve been using them for years and they’ve always done a good job, then that’s a good sign that you have a good one. However, if there have been issues arising that have caught you off guard or made you start to question their practices, then it could be time to start the search for a new property manager.

If you currently have a property manager, then you may be wondering whether they’re a good option for your property. The truth is, if you’ve been using them for years and they’ve always done a good job, then that’s a good sign that you have a good one. However, if there have been issues arising that have caught you off guard or made you start to question their practices, then it could be time to start the search for a new property  manager.

When it comes to finding a good property manager, there are other things to look at besides the written reviews. Reading online reviews can be a good place to start, but it can be difficult to gauge just how accurate of a fit a property manager can be from online reviews, it is often best to set up a meeting in person to get to know them and ask questions related to your situation to see if they would be a good fit. If an in-person meeting isn’t possible, then arrange for a time to have a phone conversation. 

Here are a few things to be on the lookout for when determining if a property management company is the right fit for you and your property:

1. Professional in All Situations

A simple conversation can often reveal just how professional one acts. By asking questions and talking things over, you can often get a sense of how professional the company is. Ask about challenging situations to see how they’ve handled them or how they would handle them. Ask about disagreements and disputes. Being a property manager isn’t always an easy, smooth sailing job. There are often disputes and frustrations that arise, the key is determining how your property manager handles the situations. Be sure to pay attention to how they talk about their clients and their job as well. Do they sound overwhelmed or fed up or are they handling the challenges that come their way with a sense of clarity and professionalism?

2. Clear and Open Communication

A good property manager should be easy to communicate with and be open with you about all situations. Effective communication is the backbone for any relationship. Keep in mind how clear communication is and how quick they are to respond. A good property manager will keep the lines of communication open and clear, not only with you but with your tenants as well. Clear communication will help both you and your tenants feel at ease and help to establish trust.

Tenants and landlords alike want more open and clear communication. Learn more about what tenants really want with our free guide: What Tenants Really Want.

3. Willingness to Share References

Another thing to consider is how forthcoming your property manager is when it comes to sharing references. If they are holding back or struggling to find references to pass on to you, you might want to reconsider. After all, references are important when it comes to finding a solid property manager. Keep in mind that not all clients might be satisfied with their work. Take time to ask about these clients as well and ask what was done to try to retain their business and why they parted. If you read a troublesome review, then ask about it. See how the situation was handled and what the other side of the story was. How your prospective property manager responds could tell you a lot.

4. Knowledge of Local and State Laws

Real estate laws vary from city and state. Keeping up with these laws can be a challenge, but a good property manager will be in the know and be able to demonstrate their understanding. Don’t overlook this seemingly minor detail or underestimate the value of this knowledge. Being familiar with local and state laws can help them to manage your property in a way that’s in compliance, which can help to save you from a great deal of trouble. 

5. Ability to Maintain Low Vacancy Rates

Another thing to consider is the overall vacancy rate. While some vacancies can be normal, a good property manager will do all that they can to keep the rates low. While it may take some extra work, a good property manager should be willing to go the extra mile to help keep your rental occupied. A low vacancy rate is a good sign that shows a property manager is doing their best to keep units filled and tenants happy, all while ensuring rent is rolling through. It can also mean they are up-to-date on the market, are keeping homes in good shape, and doing their due diligence finding qualified tenants that are willing to do their part as well.

Wondering how to help keep your vacancy rates low? Consider giving Reduce Your Vacancy Rates, a read for some tips.

6. Strong Organizational Skills

A good property manager will be organized and have effective systems to handle tasks. They should have systems for everything from day-to-day tasks to monthly, even yearly duties. Since they juggle multiple properties at a time, being organized is a must. Their organization should include having effective systems in place for things such as collecting rent, routine maintenance, needed repairs as well as marketing and advertising. These are all tasks that they perform or offer and having systems in place will help ensure they are current with everything. Don’t be afraid to ask what systems they have in place and what organization tactics they employ.

7. Financial Transparency and Insights

Another sign of a good property manager is their ability to offer financial insights. While this might look different between property managers, it should go without saying that financial transparency is important. A good property management company will be able to offer you insight into your monthly finances and should be able to give you a rent breakdown, including amount paid, amounts due and total profit made. These should be easy to understand and clear to give you an understanding on how your property is performing financially.

Questions to Ask When Hiring a Property Manager

Asking the right questions can help lead you in the right direction when it comes to hiring a property manager, and even finding the right one for you. Don’t be afraid to ask a lot of questions to help ensure you are finding the right fit. 

Key Questions to Consider

Here are a few examples of questions you might consider asking when it comes to finding a good property manager:

• What does your fee structure look like?

• Are you affiliated with any professional organizations?

• What type of insurance do you have?

• How many properties do you manage?

• Do you have experience managing properties like mine?

• What does your tenant screening process look like?

• How involved will I be / do I need to be?

• Do you have references available?

• How are maintenance and repairs handled?

• How do you set the rent?  

Asking questions can help to give you clarity on a potential property manager, providing insight into what you can expect if you hire them.

How to Find a Good Property Manager

Now the question arises, how do you find a good property manager? Where do you start looking? How do you get started? Fortunately for you, finding a good property manager doesn’t need to be difficult. Here are a few steps to get you started in the right direction:

• Ask for Recommendations

Ask family and friends who own rental properties for their recommendations. Word of mouth recommendations are often the best leads there are. If you don’t know anyone personally who has a property manager you might consider reaching out to the local real estate agents to see who they would recommend. Remember these are simply recommendations, it is up to you to determine whether the property manager is the right fit.  

• Conduct Thorough Research

Once you have a few names, start the research process. Do a quick online search to see what you can find, write down and questions or concerns that may come up. Be sure to look at online reviews and see what others have to say. Reviews can’t tell you everything, but they can be a good starting point.

• Prepare and Conduct Interviews

Next you should start preparing to have a conversation with the prospective managers you have found. Write down anything you want to ask or learn, make a list of questions you’d like to have answered. Then make the phone call and set up a time to chat or see if they are available for a chat right then.

• Follow Up and Make Your Decision

Finally, it’s time to ask questions. Get the references and be sure to follow up with them. Jot down notes to help keep things straight in your mind and highlight concerns you may have. Be sure to follow up with any additional questions that you have.

Why Hiring the Right Property Manager Matters

Hiring a property manager can have a lot of benefits for you and your investment, but finding the right property manager can make the difference. Don’t settle for something less, do your research and find a property manager who will care for your property and has the knowledge and know-how to help your investment thrive.

Looking for a property management company in your area? Consider checking out Renters Warehouse for all your property management needs. Get started with your FREE rental price analysis, and see how much you could be getting for your property.