Today we are talking about what qualifications you should look for in a property manager. I have been thinking about this a lot recently because I just came back from a convention in Las Vegas held by the National Association of Residential Property Managers. This is a group of property managers from all across the United States. We share information, talk about the latest trends and developing technology as well as what we can offer in terms of cutting edge services. I think that’s a really important part of being a top notch property manager. Being involved in a group like that, where information is shared freely with other professionals from all over the place is a major resource. You should definitely look for a property manager who belongs to this group or other professional associations.
You also want a property manager with a track record of successful management. Take a look at what their clients have to say about them. You might start by asking them for some references or recommendations from their current clients. They should be more than willing to share information with you from their current owners, especially if the owners they work with are happy with the services they provide. Seek out reviews and testimonials online and talk to people about what kind of work the property manager does for them.
Having access to good legal counsel is very important, so always make sure your property manager maintains a good relationship with an experienced attorney. Property managers should consult with legal experts on a regular basis. This is important because we deal with tricky legal issues on an almost daily basis. You want your property manager to be able to consult with an attorney over the big issues and even just to check in once in a while. It’s always helpful to run something by a lawyer simply to make sure everything is being handled properly and legally.
Another qualification necessary for property managers is involvement in the local business community. This provides contacts that are very helpful with the work property managers do. Being involved in the local Chamber of Commerce is good not only for the owners we work with, but also because it’s a good way to get information out about available rentals. These groups can be a good outlet for finding high quality tenants.
I hope this information has been helpful in understanding what to look for in a property manager. If you have any questions, or need some advice in managing your property, please contact us at Real Estate Eight Three One, and we would be happy to help you out.