How Do I Choose a Property Manager?
Congratulations! You’ve invested in a Tallahassee rental property and are ready to hire a property manager. And there are certainly many to choose from. So how do you decide? Below are some considerations that will help you make that decision.
- Make sure the property manager is licensed and insured. The state of Florida requires that property managers be licensed and carry insurance.
- Discuss the property manager’s experience. How long have they been working as a property manager? Do they specialize in a certain type of property?
- Local has its advantages. The property manager should have expertise and knowledge about the local market, including a working knowledge of current and local laws, regulations, and ordinances. It’s also beneficial for the property manager to have a relationship with local vendors that may be needed for maintenance or repairs.
- Communication and updates. How often will you receive updates and reports? What is the turnaround time for a response to your questions?
- Ask about the procedure for screening tenants. There should be a procedure in place when screening potential tenants. Some of the things the property manager will do during the screening process include:
- Inform prospective tenants that there will be a screening process
- Verification of income
- Employment verification
- Conduct a credit check
- Perform a background check
- Watch for errors, omissions, and/or deceitfulness
- And more
- Read the property management agreement thoroughly. Generally, the agreement will detail the services that will be provided.
- Obtain a copy of the standard lease agreement that will be used.
- Organizational and technology skills are important. Administrative work is a large part of the property manager’s job. You want to hire a property manager who is organized and efficient.
- Obtain referrals. If there is someone you know in real estate or property management, ask them for some advice on who to hire.
- Marketing properties – ask some questions to determine how the property manager advises clients and handles vacancies. Examples of questions to ask include:
- How long, on average, does it take to place a tenant?
- What types of properties does the property manager have?
- How many vacancies does the management company have?
- Where do they advertise (websites, newspapers, social media)?
And remember your impression of the property manager is important. You will be working with that person, and you want your relationship to be open and collaborative.
Hiring the right property manager for your investment is critical to the success of that investment. For Tallahassee property owners, David M. Burks Property Management looks forward to talking with you through all these points and is confident you will be happy with the answers. Call today (850) 765-5864 to get to know David, your new property manager!