By Jeremy Tallman
Choosing a company to manage the largest asset you own – your home – shouldn’t be taken lightly. All too often, our Company fields phone calls from disgruntled homeowners that are frustrated with their property manager. The core cause of the frustration is often traced to a simple lack of experience on the part of the Property Manager.
Below are a few points to consider when selecting your Property Manager:
1) Never hire a Realtor focused on sales. Sorry Realtors, but property management isn’t a part-time job. A lot of Realtors feel obligated to lease their client’s home when it won’t sell. However, if the Realtor is really looking after the best interest of their client, they will refer the client to a reputable property management company. Realtors, in most cases, lack practical management experience and do not have the tools to properly screen applicants.
2) Ask if the Owner of the PM company owns rental property. The best PM’s, in my opinion, own their own rental properties. NOTHING will replace the practical knowledge that owning rental property provides. Having a PM that owns its own properties will allow the PM to see things from your standpoint – that of the Owner – more clearly.
3) How many years experience is enough? Be cautious of any PM company whose Principal Broker doesn’t have at least 10 years of PM experience. Chances are, 10 years will provide the Principal Broker with a multitude of experiences that will benefit you. Trust me, you do not want to go through a bad experience with a PM that’s experiencing the problem for the first time.
4) Ask about the PM’s staff In addition to the Principal Broker, the PM’s staff should have solid experience managing and leasing properties. A simple question to ask is: “What’s the combined, or average, experience of your entire staff?” Most well-run PM companies will have that information readily available.
5) Technology matters Progressive, experienced Property Management companies are always looking for ways to do things more efficiently and effectively. If the PM company you are considering still mails statements, collects paper applications and uses yard signs for the bulk of its marketing, you’ll probably want to continue your search. Using antiquated methods for leasing and managing your property shows a true lack of sophistication and desire to do things better. PM companies that strive to remain relevant and viable for the long-term, will always seek out the best technology to handle your property.