Investing in real estate is certainly no joke. It takes a lot of resources – money, time, and effort included – to make sure your investment pays off in the end. More often than not, the return on your investment can take years. But although you are more than willing to wait for that, you do want to make sure that your investment runs as smoothly as can be in the meantime, whether it’s a buy to rent venture, an apartment-hotel, or more. But there’s one thing you should know: most experienced property investors don’t do everything on their own. They delegate tasks and rely significantly on the expertise of those who are trained in all aspects of property management as they know that these people are professionals and will know full well how to make the property work for them. But how can you find the best property manager for your investment property? Let’s find out.
One of the first things you can do to find a suitable property manager is to get referrals. Word of mouth is a useful method of obtaining information about prospective property managers in your area. For instance, if your property is in London, then it’s best to get recommendations for property managers or firms which are well-versed in property management in London, such as Native Management London. Getting the right referrals makes your job easier as the one who has referred the property manager will already know how they work and how they perform their tasks. Of course, when asking for referrals, you should also ask how long they have worked with that property manager or firm and if they have had issues in the past and whether they were resolved. Of course, you can get biased referrals, so it’s always good to get several referrals, so you have a better idea of how the property manager or firm does their business.
- Existing work
Once you have a list of potential property managers or property management companies, you can also check their existing work. For instance, you can check their ads for rental properties and see if they are professionally-made and compelling. It would also be good to find out where they advertise – do they advertise in a single place, or do they advertise in a variety of places?
Along with this comes checking the actual property which they are managing. Is it clean, well-kept, and well-designed? How about the staff – do they seem well-trained and polite? You can speak to the tenants themselves so that you can get their opinion on the management of the property. Some of the questions you should ask the tenants include how their complaints have been addressed and how long the property manager takes to fix an issue with repair or maintenance. One more thing: if you can, ask your prospective property manager for a sample of their monthly report; this will help you see how thorough their report is and if you will receive all the information you need.
- A face to face interview
It would also be best to schedule a face to face interview with your prospective property manager or management company so that you can screen them directly, and to help you determine if you can see yourself working with them in the future. You can easily tell those who know what they are talking about versus those who don’t have a set plan.
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