Whether you already have experience on the subject or plan on investing in your first property, being a landlord isn’t easy. In any case, being a landlord is a very responsible and tiring job. Particularly if you plan on dealing with a couple of properties. Besides, if you live far away from the property or are dealing with a couple of businesses, These are the signs you might need a property manager, and you got to find a reliable property management agency. Also, you can spend that time doing something you love or spending time with friends and family.
In addition, some landlords aren’t really fit for the job. It means that property-related tasks can lead to lots of frustration, especially if you have no prior experience on the subject. This is where a property management agency comes in. On the other hand, a reliable Manhattan property management agency isn’t easy to find. So, if you want to read about how to find a reliable property management agency, check out the following text below.
One of the main tips and primary strategies we can give you is to ask family, friends, and colleagues for referrals, especially if they’re in the same business. Talking and discussing the subject with people you trust and have known for a long time is one of the best ways to begin your search and find a reliable property management agency. Even if they don’t have an answer to your question, it will be way easier to figure out what you’re looking for in a property manager.
Who can you ask for referrals? Check with your friends, colleagues, real estate investor network, contractors, etc. They should have a pretty clear picture of who to ask for the job or even give you a pointer on which company to avoid at all costs. However, remember not to take recommendations blindly. It’s always better to perform a background check on the desired company. If you get some referrals, make sure to ask about the most important strengths and weaknesses of the chosen company. Furthermore, remember to get a couple of referrals from different people.
Use the Internet
Even though this tip might seem obvious, you’d be surprised how much the internet can help you, especially when talking about property management agencies. So, do some research online, even if you already got a couple of referrals. There are certain websites that can provide you with a list of various property management agencies that are active in your city or area.
All you need to do is fill in the size of your property and location. Of course, make sure to look at the reviews, as these are a pretty good pointer to the company’s work ethic, quality of work, and overall service. Remember that a couple of bad reviews don’t mean that the company is bad, and a couple of good reviews don’t prove that the desired property management agency is good for you.
Now, we understand that you don’t have an enormous amount of time. But it might be a good idea to visit their properties even if all you can see is the outside of the building. If the property looks neglected, chances are they’re not doing a good job. However, this shouldn’t be your only pointer. If possible, talk with the tenant or get ahold of the landlord. Ask if they feel good working with the agency and whether or not their complaints are resolved. Also, ask how long the company needs to handle repairs. Make sure to inform yourself if the place is quiet or if there are some problems with the tenants. So, going there in person and taking a good look at the property management agency’s work is one of the best pieces of advice we can give you.
A Couple of Interviews
Let’s say you found a couple of options. Make sure not to hire the first property management agency you come across. You should interview several people before making the final decision. This is the best way to find the absolute best fit for your property. What are the main questions you should ask them?
- What is their fee structure?
- Ask them about their education and experience on the matter, including knowledge of the law.
- Ask them about their services, how rent is managed and collected, and how all the properties are maintained.
You should also ask how many properties the agency manages and how many hours a week they plan to spend on your property. For instance, if the property management agency works with 10 properties, chances are they won’t have enough time to spend dealing with your property in the best possible manner.
However, if the agency has lots of staff and lots of clients, this could be good proof of an excellent work ethic.
A Background Check
Like with everything related to business, it’s always smart to perform a background check on the desired company. As we mentioned earlier, check out reviews and try to talk to the clients in person. Also, there are various organizations that provide certificates to the agencies meaning that if you see a couple of certificates, chances are you are dealing with a truly professional company.
In any case, you should (almost) always trust your instincts, meaning that if something seems off, it usually is.