How to Hire a Property Manager That Will Protect Your Assets
Ensuring that You Receive a High Return on Investment With a Property Manager
Hiring a capable property manager to oversee your multifamily property is a critical step in the operation of your asset and your return on investment. Not only will the property manager you hire be responsible for collecting rents, finding and carefully qualifying new tenants, properly handling tenant security deposits, taking care of day-to-day repair and maintenance services, as well as conducting regular property inspections. For this reason, it is extremely important that you are thorough in your search for the right property manager. To help you find the ideal property manager who will ensure the success of your investment, here are 3 steps you must complete when interviewing possible candidates:
Check Their Licenses and Certifications
Before hiring a potential candidate, it is important that you check whether they have earned licenses and certification in the real estate management industry. Certifications from the Institute of Real Estate Management (IREM) or the National Association of Rental Property Managers (NARPM) can reveal how committed your candidate is about staying updated and relevant in their industry.
Research Their Current/Past Work Experiences
The performance of the properties that are currently under management will give you a good indication of what their performance for you will be. Conduct a thorough search by visiting properties under their management to evaluate its state. You can also research how they’ve marketed their properties and what strategies they’ve implemented to attract and retain tenants.
Ask for Several References
Because referrals and references that a potential candidate/company might share will likely be biased, it is important to conduct your own research to learn how a candidate’s true work ethic and professionalism will be. Try to reach out to professionals in the real estate industry to ask about past and present property managers they’ve worked with.
Limit the damages that a bad property manager or management company can cost you by contacting a professional today. At 100Units.com, we believe in setting our clients up for success. Our partnership with Florida Realty Investments ensures that you always have the comprehensive property management solutions you need to run your property successfully. To learn more about how we help our investors manage their assets, click here. Our experienced multifamily investment advisors have closed more than $100 million in multifamily property transactions, building a vast network of domestic and international buyers whom are always interested in purchasing additional properties from us. If you are interested in selling an apartment building in Central Florida, contact us today and we’ll tell you exactly how we can help you get the most money for your property.