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Expert Tips for Hiring a Property Manager

Whether you’re a landlord with one rental property or an investor with dozens, hiring the right person to manage your properties can make all the difference. What are some things that you should look for in a professional property manager? How do you find someone who is qualified and trustworthy? And how much should they be charging? This article will provide tips on hiring a property manager that meets your needs.

What to Look for in a Property Manager

When you’re seeking a property manager, it’s important to think about what your goals are. Your property manager will help keep your properties rented and can either be involved with screening tenants or overseeing the process so that it’s handled properly. They’ll also need to handle tenant maintenance issues such as repair requests, and should be responsible for collecting rent payments on time. Finally, they can take care of routine tasks like collecting utility bills from renters and depositing rent checks into your bank account. If you want someone who keeps tabs on all aspects of managing rentals, then you’ll be looking for someone who specializes in full-service property management.

The Budget 

You need to consider how much you can afford to pay your property manager. What are the typical fees charged by a qualified professional, and what might the cost be if you hire them through an agency? Most professionals charge anywhere from 10 to 15 percent of all rents collected, plus $25 per unit per month for administrative tasks such as collecting rent and paying bills on time. Your property manager might also charge one-time setup fees or admin fees when they begin work, which will likely total $100 – $200. If renting out more than six units, weekly supervision might also apply at around 20 – 30 cents per square foot but this is optional and typically ends after the first month of work.

The Length of Time 

You should also consider how long your manager will be managing your rental properties. You will need to set up a contract with them which can be anywhere from 1 month to 3 years, and managers typically charge an ongoing monthly fee for their services even after the initial setup costs have been met. According to the local property management professionals in Houston TX, it’s important that your manager will stick around for at least a few years so you can get the most out of their expertise, but you should also think about how much time they’ll really need to dedicate to your property before seeing results. If you plan on selling soon, then hiring a property manager who will only need to handle rentals for several months might be a viable option as they won’t sign any long-term contracts and you don’t have to worry about signing over long-term management rights.

Are They Licensed?

Once you’ve taken the time to consider what type of property manager will be best for you, then it’s a good idea to do some research into their credentials. Never hire someone who isn’t licensed as that can create problems later on if something goes wrong. You’ll find that most professionals are working under one of two licenses. The first is an RPA (real property administrator) which allows them to rent out and repair properties, and the second is an RLA (real estate agent), which lets them handle sales, leasing, and rental agreements on behalf of landlords or owners.

Asking Around 

If you’re not able to locate a licensed professional in your area, there are still other ways, but you should proceed with caution when hiring a property manager. Some companies will advertise that they are licensed or certified even though they aren’t. Doing so is considered fraud as it’s illegal to use these titles without holding the proper licenses. Another red flag to look out for is if your potential property manager tells you that they are guaranteed to work for you, regardless of whether they’re successful in finding qualified renters for your units or not. These types of guarantees can result in you paying more than what’s reasonable and should only ever be found in contracts signed by owners who decide to sell their properties so quickly that they need someone else to handle things while looking after other projects. Never allow anyone promising these types of short-term services without first looking into any licensing issues involved.

The process involved in hiring a full-service property manager can be tricky, but it’s definitely worth taking the time to do it properly. This article provided you with some insights into finding the right property manager for your situation. Your investment in rental properties will only pay off if they are being well managed, so don’t view hiring an expert lightly.

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