How to Hire the Right Property Manager for You and Your Home

After spending countless hours contemplating what to do with your current home as you prepare for yet another move, you have decided that renting is your best course of action. If you read our articles, “How to Avoid Common Pitfalls of Becoming Your Own Property Manager” and “Advantages to Hiring a Property Manager, you may have decided to hand over responsibility to the professionals. So now let’s discuss how you go about finding a property manager that is right for you.

 

Often, when up against the quick timeline of a move, major decisions come with minimal research.  With the help and insight of a leading property manager inStaffordVirginia, we want to offer some tips on how to find the perfect property manager to take care of your home.

 

“Buying a home is a piece of the American dream, so having someone to help you transition your property from a home to an investment property is a smart business decision,” says Laura Gambrino with Marine Property Management, Inc. inStafford,VA.

 

Asking friends and neighbors for recommendations on property managers in your area is a great place to get started. Utilizing the military network is one of the great benefits of this lifestyle. Someone has always gone before you and has advice to offer.

 

If there are multiple property managers in your area, consider interviewing a number of them to find the one that is right for you. “It is about building a relationship with the property manager. You are signing over the authority to take care of your property as well as your tenant, so you are looking for someone that you will be able to work with, but that will be equally concerned with the care of your tenant,” Laura explains. “It is also important that the property manager help the owner manage their expectations as well. The home will be looked after and cared for, but it may be unreasonable to expect that it will be exactly as they left it,” continues Laura.

 

Comparing the various fee structures of the property managers you interview can be a useful tool in the decision making process. Asking the basis of the monthly fee, a percentage of the monthly rental amount or rather a flat fee, can help you to make a financially wise decision as well. Ask about potential additional fees for advertising, credit checks, showing the home and cleaning and utilities between tenants.  

 

Asking questions regarding the process of qualifying tenants, how many units they manage, how long does it typically take to fill vacancies and how often they visit the property for exterior and interior inspections are all important facets that will help you find someone that you are comfortable hiring.

 

Laura also advises that you ask prospective property managers about how they handle the disbursement of funds. For example, does the property manager send you your monthly check on a regularly scheduled day, or are they waiting to receive the rent from your tenant beforehand? For many homeowners, it is essential that they receive the income on a regularly set schedule so that they can make a timely house payment. It may also be useful to know if you are going to receive a monthly statement with your income or whether or not you receive a year end statement for tax filing purposes.

 

Laura feels that it is important that the property manager be knowledgeable about the area they represent. “Property managers should know about the schools, utility companies and surrounding communities so that they can market your home appropriately. Asking if the property manager has a relationship with your particular homeowner’s association (if you have one) can be very beneficial if any issues arise with your tenant violating any of the covenants.”

 

One of the concerns for most homeowners who decide to rent out their home is the uncertainty of the costs for maintenance or repairs. Asking your property manager whether or not they require a set maintenance fund or if they will take the cost of repairs from your monthly income is something that all homeowners should take into account. “It is our belief at Marine Property Management that all homeowner’s should set up their own maintenance account for those unexpected expenses,” advises Laura.

 

For your piece of mind and for the care of your tenant, you should ask your property manager what the average turnaround time is for repairs once the tenant contacts them. If you have found a property manager that knows your area well, in all likelihood they will have a network of contactors that they use on a regular basis.

 

“Ultimately the homeowner has to trust their gut instinct in finding someone that they will rely upon managing their home, but investing the time and asking the right questions can certainly help you to reach that end point much easier,” Laura concludes.