Tips for Hiring a Property Manager
Property managers are some of the hardest working people in our industry. While there are a lot of great managers out there, sometimes it might seem difficult hiring a property manager up to the standard that you desire. It’s important that you find the right one. How do you know what to look for?
Why hire a property manager?
As a property owner you probably feel that no one knows how to handle, or values your property, as much as you do. Entrusting your property to someone else takes a lot of faith and trust in their abilities. Hiring a manager will help you have more time to devote to things that add the most value to your life, such as finding and acquiring new properties, or devoting your energy toward career goals. The property manager will take over the stress of dealing with the tenants as well as any issues that arise.
Three things to look for in a property manager
- Basic understanding of property types: Not all properties are built or run the same. The type of tenant, the size and scale of the property as well as time investment and needs can vary from one property to the next. It’s important the manager you hire understands and has an area of expertise in the type of property they will be managing that will benefit you.
- Flexibility: If it’s important to you that your manager handles things in a certain way, you should make sure that they understand that while they have some autonomy in the decisions regarding day to day operations, there are some things you want done your way. There are some managers that are headstrong and insist that their way is better, and this can cause additional stress and issues for you as a property owner when they won’t follow your lead. A good manager will know when to do things your way and when it’s ok to take the lead.
- Integrity: While we list this as number 3, it’s obviously the most important thing to look for when hiring a property manager. Integrity isn’t something that you can screen for on a job application, it’s more of a gut feeling. You’ll know when you meet someone that you connect with and feel will handle your precious asset with care. You can also back up that gut feeling with referrals and comparing to your multiple applicants. Feeling like you can trust your manager is key to your success.
Hiring a project manager can be a daunting task, but when done right it will take a load off or your plate and give you the precious gift of time.
