How To Find & Select The Right Property Manager For Your Rental Property

Investing your money in a rental property is a great way to build your wealth portfolio. However, managing that property can be a daunting task for some – especially if you’ve purchased an income property in a different town, province or even country. Hiring a property management company is a great way to take that burden of your plate, and protect your investment. But, not all property management companies are created equally. Here are our top tips on how to select the right property manager for your rental property.

 

Ask For Referrals:

A referral is one of the best ways to start your search for property management companies. We highly recommend that you reach out to the realtor who brokered the purchase for you. Sometimes this is an overlooked connection as people think of a real estate agent only in terms of buying and selling. But, many also handle rental fulfillment as well and may have connections to reputable property managers in your area. We also recommend reaching out to anyone in your extended network who has a rental property.

 

Do Your Research & Due Diligence:

The internet has brought an incredible amount of information right to your fingertips…use it! Reputable property management companies will have a strong digital footprint which should give you a healthy perspective on their capabilities. Read all of the reviews on them, note the appearance of their website and the way they market the rental properties of existing clients. You can even go as far as submitting a request to tour an available property to see. This will give you a first-hand account as to how they conduct business and handle prospective tenants.

 

Interview Candidates:

Essentially, a prospective property management company is bidding for a job so why not interview them. When interviewing them, note your first impressions and come armed with questions about their process and how they will go about maintaining your home. And, just like with filling a position in the workplace, you will want to ask them for references.

 

Select, Negotiate & Sign:

Once you have identified the perfect candidate to manage your rental property, the next step is to negotiate your contract and review all documents pertaining to your income property. This includes negotiating fees, understanding and signing off on the lease agreement that prospective tenants would sign, finalizing how you receive your rental income, etc.

 

Reap The Rewards:

Once you’ve firmed up all of the details with the property manager of your rental property and secure a tenant…it’s time to reap the rewards. Sit back, relax and watch your investment go to work for you!