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Are You
Hiring Property Managers?
Learn How to Hire a Property Manager PART 2
If
you need extra help with property management, learn how to hire a
property manager today. This Part
2
of our Guide to hiring a property manager show how to pick the perfect
manager and whether you hire a resident manager or go for a property
management company.
Are you still deciding if you
should hire property managers? Click
here for Part 1
to learn if you should be hiring property managers in the first place.
How
to Choose the Perfect Property Manager for Your Rental Properties
Before you
hire property managers, you should first ensure that your
manager is licensed and certified. Most countries issue licenses in
property management and hiring a licensed manager ensures that he has
at least gone through some basic training in real estate management.
For example if you are looking for property managers in the USA or
Canada, you can head over the Institute
of Real Estate Management website and use the Find a Member
function to search for certified property managers.
Before you hire a property manager, always ask for The
next step is to interview your property manager before you hire him.
Always ask for references and feedback from his current and past
clients so that you can contact them directly to ask about the
manager's performance.
If
you are hiring a property management company, you should
insist that they assign the same permanent employee to manage your
properties. This way he will be more familiar with your requirements
and tenants.
An
important point you should take note
of is whether the companies you approach are purely in the property
management business or they are real estate brokers who also happen to
dabble in property management as well.
Real estate brokers
who offer real estate management services as a sideline may be cheaper
but they may also lack the specialised skills needed to run your
property smoothly. So do think twice before you hire
a property manager from a real estate brokerage company.
Should You Hire a
Resident Manager and Property Management Company?
An
important thing you should know is that when it comes to hiring
property managers, you can choose between hiring
a resident property manager and a real estate management company.
The
resident property manager is usually an individual who lives on or near
your rental property and he is considered your employee. He is either
paid a fixed salary and / or rewarded with free lodging on your
property in exchange for his help.
Hiring
a
resident manager involves more legal and tax paperwork which can
be quite a hassle to file. The good news is that you will usually be
rewarded for the extra trouble because most of the time it is cheaper
to hire a resident property manager.
You can
also choose to hire a property management company to handle your
rental property worries. As these companies are not considered as
contractors, you won't be tied down with the responsibilities of being
an employer.
As you are charged a percent of your rental
income, hiring real estate management firms will generally
cost
you more especially if you have a sizable rental property with multiple
rental
units. That's why you should always bargain for lower fees if you have
many rental properties with the same property management company.
When
you hire property managers from a reputable property
management
company, the property manager is likely to be more experienced and
professional since they manage rental properties full time.
Read
what our visitors have to share below OR Scroll down to
add your own comment
How do You Choose and Hire a Property Manager?
Hiring a property manager who is professional and dedicated will definitely make your life a lot easier. What is your idea of a perfect property manager and how do you hire property managers? Share your valuable experience with everyone here - We will love to hear your tips, comments and real life stories:
What Our Visitors Have to Say on Hiring a Property Manager
Click on the links below to read the valuable tips that our other visitors have to share:
How I Pick and Hire Property Managers
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When it hiring property managers, it bothers me that some people can hire a property manager based on the fees alone. From my years as a landlord, I find ...
Do you want to learn MORE practical must-know facts
on dealing with tenants?
Return
from
this How to Hire a Property Manager page to our Managing Rental Property
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