There’s no more important piece of the passive income puzzle than hiring a great property management team. And when it comes to finding the right team for the job, you’re going to have to put in some work in order to screen property management companies.
On this episode of Investing in Real Estate, you’ll learn five key ways to make sure you’re hiring a great property manager for your rental properties. I’m sharing what to look for in an effective team, including communication skills, proactivity, and more! Join me for episode 814!
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- Communication. In the digital age, there’s no shortage of ways to send and receive messages. And when it comes to property management, communication is key! You want to work with a team that will not only respond to your requests in a timely matter, but you also want to ensure they are available to your tenant. So if you’re thinking about working with a company and they’re not returning your calls and emails within 24 hours, run! Ask questions about their preferred method of contact and what you can expect in terms of communication.
- Background check process. Ask what types of screening process they take their tenants through. Typically you’ll want them to conduct a criminal background check, a credit check, and take a look into their employment history. It’s up to you what types of tenants you’d like to accept, but nonetheless it’s important that your property manager at least looks into these different screening processes.
- Reliability. Your property manager is going to be responsible for handling many tasks, so it’s important that you can rely on them to follow through and take care of everything at your property. After all, we want our tenants to have a safe and comfortable place to live. You want your property manager to be able to take care of everything for both you and your tenant.
- Digital portal. You should be able to login to some kind of software in order to see banking info, leases, maintenance, and more. The exception to this rule is smaller companies in small towns. Having an online portal isn’t always a dealbreaker, but I certainly appreciate having this feature available.
- Proactivity. I want to know that my property management company is thinking about the well-being of my portfolio and my tenant. For example, if we’re expecting a tenant turnover, I expect my property management team to anticipate raising rents if the market allows it. I want them to be ready to go to help tenants in upcoming weather, and to be able to think ahead. Don’t be afraid to ask questions and speak with multiple companies before teaming up with a property manager. The goal is to establish a long-term relationship, so always do your due diligence. Once you’ve found the right property management team, your experience should be passive and efficient!
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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