Renting multiple properties in San Diego is a great way to earn a high passive income. But at the same time, you need to put a lot of effort, time, and commitment to manage those properties. This is where you can think of finding a good property manager to grow your rental property business.
Even though the do-it-yourself approach could be a great thing in saving you some money but it can only benefit you when you live close to your properties, don’t mind doing weekly supervision, and have plenty of time to sort out your tenant’s issues. Which is a little impractical especially when you’re thinking of growing your property business.
Therefore, hiring a property manager from a reputable property management company would be great. But the question is how you can find a good property manager to grow your property business — To find the answer to this question, read the below-mentioned guide that’ll help you find a property manager easily.
5 Smart Ways To Find A Good Property Manager To Grow Your Business
It is important that you must do your homework before you make your move to hire a property manager. So, take a look at below mentioned five smart ways–
1. Ask Your Neighbours or Known first
This suggestion could seem cliche, but what could be more worthy than word of mouth when finding a property manager? Asking your relatives, co-workers, neighbors, or friends is a great way to initiate your search.
You can also reach out to retailers, other property owners, property management company, or their network to suggest the property manager from their network.
Remember that everyone’s point of view and preferences are unique, so don’t hustle in your judgment. Accept everyone’s recommendation, but take time to decide with caution. Understand their context, make note of recommended property management agents’ expertise area, and based on your preferences initiate your hiring process.
2. Research On Your End
Another best way is to research on your end. Besides the preferred property managers, you have chosen temporarily you can find new ones online too. Once listing down the list of companies you prefer, you can continue reviewing every preferred property management company’s website.
Make sure that your preferred property management company’s property manager comes certified. You can check the company’s profile, its social media profile, Google reviews, Facebook profile, and every other social existence.
If you find a company online (even with good Google reviews) with no clear mission or vision and no clear business description or statement displayed on its profile then consider this a clear red flag.
You must skip such companies. In many cases, companies with no social presence or suspiciously arranged web profiles are found fraud.
3. Meeting To Investigate
It is important that you must find a property manager who ensures to keep you up to date and is easy to reach out to when needed. Understand that a good property manager is one who is able to effectively and quickly communicate with the rental property owner whenever needed.
Being available and timely fixing issues such as necessary emergency repairs, tenant conflict resolution, council tenants, recording emergency instructions, tenant disputes, payment collections, etc. is a quality that you must seek out in your property manager.
Whether it is about informing you about necessary repairs or checking in to provide you with a good choice of tenants or simply reaching out to you to suggest if there’s anything they can do for you. Your hired rental property manager should poses such qualities.
Also, don’t forget to investigate by asking multiple questions that you have related to their service such as –
- How long have you been working as a property manager, and how many properties you are currently handling?
- How many properties a single property agent handles at a time?
- What advertisement platforms do you use to advertise the rental property?
- How long it takes you to place a tenant?
- How are the maintenance and repairs handled? Is the emergency repair fee percentage
- How are the repairs and maintenance handled if needed?
- What deposit option do you prefer to receive the tenant’s rent? Receiving a check in the mail or Direct deposit?
Even if you sound too inquisitive, don’t miss questions that you have in your mind. As asking doubts will give a clear understanding to you as well as your home property management about what things and services you are actually looking for in a property manager.
4. Compare And Consider Only Licensed Property Managers
Working with licensed professionals is not just a mandatory thing but a must that benefits you with highly skilled and proficient property management professionals. In many states, having a property management license or real estate broker’s license for property managers to show clients’ vacant apartments is compulsory. If your state also counts under it then you must consider the certified expert.
To see validation of their license you can either ask the concerned property management company or can directly check with your state’s Real Estate Commission to cross-verify whether the candidate’s brokerage license is active or not.
If you would also like to know whether the manager has been certified with a trade organization or not then, to verify credentials you can easily search that out online on the following government platform –
- The National Apartment Association (NAA)
- The Community Associations Institute (CAI)
- The National Association of Residential Property Managers (NARPM)
- The Institute of Real Estate Management (IREM)
The organizations mentioned above offer property management certification to property managers only when they successfully complete tough training programs.
No doubt that based on your instincts you can choose a good property manager. However, a professional holding certificate tells a lot about their practical and theoretical knowledge and a lot about the level of commitment they put to deliver their service and study altogether.
5. Hire Local Experts and Understand Terms & Conditions Well
Every property manager who plays a comprehensive role cannot be limited to just one property. Therefore, A management agreement is a must to ensure that the roles and responsibilities stay transparent between you and your property manager.
A management agreement is a crucial contract that depicts the binding between you and the property manager. It includes important terms and conditions about the roles and responsibilities of you and your property manager. So, it is important that you must make sure that you understand all terms and conditions (if any) before signing.
What so ever the terms or conditions are, it is crucial for you to be mindful of what you have discussed during your meeting and what’s been written on the contract. You should have a clear understanding of the pre-determined responsibilities by you of the property owner. For such you can even have the support of a lawyer to go through the contract and assure you that you are protected from any fraud.
You can consider taking look at compliance with housing laws as well as the term for cancellation clauses. You can even ask your property manager to aid you with the monthly report along with carrying adequate insurance ommissions or error coverage. Most importantly, Property-casualty or every other crucial property casualty or insurance-related issue.
Lastly don’t forget to consider the local rental property managers as having local knowledge to manage local rental properties is essential. When you hire local experts they give you a big advantage. Since they are locals they got better and more trusted local connections, know better how to attract tenants, and correctly estimate your property rent as per local and international rental norms.
In a Nutshell,
It takes a lot of research and time to find a good property manager that can fulfill your requirements. From making someone else your property manager to look after and deal with your tenants to giving authority to take necessary home-related decisions. You hand over a huge responsibility to the person you keep your faith in with the positive outlook that they will help you in growing your rental property business.
Therefore considering referrals, personal meetings, independent research, online research as well as F2F meeting to understand rental property manager better is a must. If you have a rental property in San Diego, then you can reach out to us to hire dedicated San Diego Property Management Professionals.