Ask any property entrepreneur who has amassed a fortune and has multiple properties to rent and he will tell you that hiring a rental manager makes sense in such a complex world where the expectation of the landlord and the tenant do not match. And the market is heavily skewed in the favor of owners as both residential and commercial properties are in short supply all across the world, except for certain greenfield areas near airports, metro stations that are yet to be inhabited. This demand -supply mismatch leads to conflict and to resolve these conflicts, Find the best manager is important. He should have the right negotiation and dispute resolution skills and have deep knowledge of the real estate market in your area to offer precise solutions for the needs of tenants.
It’s best to rely on referrals
Good rental property managers often have good word-of-mouth reputation as news about their good-quality work spreads fast among property entrepreneurs. Getting good references is not tough as you would get them from fellow landlords, tenants, friends, colleagues, property owner associations.
Very few people mislead you while giving out references as personal reputation is at stake. If during your search, the same set of names keep reappearing, then you can be pretty sure of relying on them for your rental property management.
The single biggest motive of a good rental property manager is to maximize your earnings by keeping the vacancy rates low. In doing so, he needs to ensure that he selects the right tenant mix so that there is no embarrassment and dispute for the landlord. At all times, he should act in the best interest of the owner.
Try out the organic results from search engines
Every search query that you run on the internet will have sponsored results at first but later on as you scroll down, you will see organic results wherein the property manager’s website, ratings on popular review sites, social media coordinates and popularity will be on display. Ask them for their portfolio and that will give you an idea of the condition of the properties they manage.
Check Out the Fees
You should keep in mind that rental property managers are handling a real estate portfolio worth millions of dollars as they are handling multiple clients in their kitty. Normally rental property managers charge anything between 7-10% of the rental value of a property and they will ask you to sign a professionally crafted agreement that defines the nuts and bolts of the landlord-manager relationship. What they expect in terms of remuneration and what they will deliver as part of their bouquet of service offerings.
This agreement is legally binding and you need to take a time to review it. Scrutinize it with the help of a legal expert and you will have complete peace of mind later on. Each side has certain duties, obligations, and responsibilities that it needs to follow and both parties need to put the quality time to derive the maximum returns on their investment.
