Having someone else manage your property seems counter-intuitive compared to what you were taught as a child. The idea of someone else helping you manage something makes sense. When investing in stocks and bonds, it is normal for an investment banker to manage the money.
Equity advisors help point you in the right direction. The same concept is evident in property management. The property is always yours, only one person with the credentials manages all aspects of your property for you. Property management is not easy.
Here are some things to look for when finding a property manager:
o Do they know the area your property is in? This question is important because it will determine the rental rates that are set for tenants.
o Do they have the prowess of a salesman? Car salesmen can sometimes be annoying and sometimes they lose business because of their aggressiveness. The key is to find one who is not pushy and has good communication skills.
o Are they there for the commission? You may have heard that people who work on commission are often sleazy. For the most part, that’s true. Find a company that charges a flat rate, regardless of the size of the property.
o Do they have managerial experience? Often, rookies in the field aren’t as successful as veterans. If there is a proven manager, use his services.
o Do not consider the location of the management company. Just because a management company is close to your property doesn’t mean they’ll be the most effective.