What to Expect When Hiring a Property Manager
It’s an important step to reach when you’ve decided to hire a property manager to take care of the everyday tasks associated with your property. If you expect to have very little involvement personally, you need to make it clear to any property manager you hire, that they will basically be on their own, in terms of management. However, if this is the case, you should also be prepared to pay your manager a little more, because that person will undoubtedly be much more active on your behalf. Here are some other things you can expect when you hire a property manager to represent you.
There will of course always be a period where you and your new property manager get to know each other and become familiar with each other’s requirements. An initial meeting will need to be set up either over the phone, in-person, or on a Zoom conference, and at this meeting, all the basic questions about services and costs should be reviewed, as well as some specific information about the property itself.
This will need to be followed up by an in-person visit to the property, so the new manager can assess any maintenance which is currently needed or which will be needed in the future. Your new property manager will probably want to gain an understanding of all the amenities available at your property, so they can be featured in any listings issued to prospective tenants.
Once you’ve had a thorough interview with your prospective property manager, and you’ve found out that you agree on most issues regarding management of the property, you’ll have to prepare a formal contract which both parties must commit to. This contract should spell out the duties and responsibilities of the property manager, so there are no misunderstandings about these issues. The contract will also specifically describe the level of reimbursement for your new property manager, as well as any benefits which will be provided.
Market your property
After having found a property manager who has a similar philosophy to your own, one or both of you will have to take on the task of marketing the property and bringing in tenants. This should involve all the typical rental listings available in the area, and should include some clear and flattering photos of the property which might encourage prospective tenants to apply. These days, it’s also a good idea to supply a virtual tour of your property, so that candidates can have a really good idea about what to expect from your rental property.
Make sure your property manager has a good app or online system which can be used to track prospective tenants and the appointments which they make for viewing the property. This kind of efficiency will help you get your property rented out much more quickly. If you desire to keep informed about candidates who apply, you should review this fact with your property manager, so that both of you can agree on the best tenants.
Property manager involvement
Once all vacancies have been filled and things can settle down to a routine, you’ll want to be sure that you have a solid agreement with your property manager about all those functions you expect him/her to carry out. These should have been specified in the contract you arranged at the beginning, but now is the time when you’ll find out if all those responsibilities are actually being carried out. It may take a couple months for all the details to be worked out between property manager and owner, but eventually you should both come to a solid understanding of each other’s roles in managing the property.