While managing a single rental property can be simple, the work involved can increase as you own additional rental properties. From finding tenants to answering maintenance requests, outsourcing the work to a property manager can make owning more than one property much easier for you.
Before committing to a property manager to work with, consider the following tips that can help you differentiate between the managers and each one's capabilities.
Discuss How Communication Is Done
Every property manager is going to have different styles of how they approach communication. From discussing most requests over the phone to providing an online portal for tenants to use, the form of contact is so important to consider. Even the application process can vary based on the property manager you hire, making it best to see what method they use for getting new tenants.
The form of communication used can give you a realistic idea of how easy the property manager is to contact. With the ease of communication, your tenants won't struggle to get any questions answered or have maintenance scheduled when desired.
Understand the Typical Expenses
Working with a property manager can be surprisingly affordable when you consider the time that you'll save. Unless owning rental properties is your primary source of income, it's challenging to juggle meeting with prospective tenants, collecting rent, and answering any questions.
Finding a property manager that is upfront with their expenses and how many buildings they already manage can give you a realistic idea of how much you'll spend. You can factor property management into your costs as a rental property owner without any surprises with this number.
See What Services They Provide
As you contact property managers, you'll need to check what services they provide. In some cases, you'll still need to find contractors for any maintenance on your own. Even finding tenants can be a job that you'll need to do alone in some cases. With a property manager that is upfront about the extent of help provided, you can feel secure in their assistance and make owning a rental property more manageable.
With more than one rental property, it can be challenging to manage all the work required to keep your tenants satisfied. Finding a qualified property manager who can handle multiple apartment units or houses you own can ensure that you're confident with your properties. The above tips will help narrow down property managers to find one that provides the services you need and what will be helpful for multiple properties. Contact a property management company for more information.