Hiring a Property Manager: 8 Things to Look For

Wondering, “Should I use a property management company?”

Well, managing rental properties on your own can quickly become a full-time job that you didn’t sign up for. But are there any alternatives? So, if you’ve been looking for answers for if hiring a property manager is worth it, you’ve landed in just the right spot.

A professional property manager takes care of every daily task, whether dealing with tenant issues or ensuring the property remains in great condition. Additionally, their knowledge of the market and local laws can help you get the most out of your investment while easing your stress.

In this blog, let’s explore 8 things to look for when hiring a property manager to make an informed decision.

1. Experience and Track Record

When it comes to selecting a property manager, experience matters. Whether you’re considering hiring a third-party management company or in-house managers, their expertise will greatly impact how well your rental is looked after. A knowledgeable person understands the daily operations inside out, allowing them to quickly tackle any issues that arise.

When hiring a property manager, a solid track record speaks volumes. Instead of just taking their word for it, dig a little deeper. Look for client testimonials and success stories, which gives you a clearer picture of the manager’s effectiveness and experience. Additionally, if your property has special requirements, ensure the manager has relevant experience. For example, overseeing a luxury single-family residential building is different from managing a multi-family property. Hiring a manager who has dealt with similar properties to yours will know exactly what’s required, giving you peace of mind that your investment is in capable hands.

2. Licensing and Credentials

It is important to check the property manager’s licensing and credentials. Hiring a licensed property manager ensures they know how to meet the required legal standards in your area, which can protect you from any potential issues down the line. When deciding who to partner with, examine if they are registered with any relevant real estate organizations, as this often indicates a commitment to following industry standards and staying up-to-date with best practices in your state and city.

In some cases, you might come across property managers with additional certifications, like the Certified Property Manager (CPM) designation. While this isn’t a requirement, it shows that the manager has taken extra steps to hone their skills and knowledge.

3. Communication and Responsiveness

Clear and open communication is important in property management. When hiring a property management company, pick a team that is responsive to its clients. A high-quality property manager should be easy to reach, with multiple paths of connecting virtually and easy access to their contact information. This will ensure that they are adamant in hearing about your concerns or answering your questions.

While thinking about things to consider when hiring a property management company, you shouldn’t overlook communication skills. A business that prioritizes quick and clear communication can stop small issues from turning into major problems. Quick responses show that the property manager is on top of things, whether handling maintenance requests or keeping you informed about rent collection.

4. Knowledge of Local Markets and Laws

Understanding the local real estate market and rental laws is key to managing a property successfully. Without this knowledge, you could set the wrong rent price or unintentionally violate tenant laws. Rental regulations constantly change, and staying on top of them is important to avoid legal trouble.

For instance, if your property is located in Orange County, a property manager familiar with the region’s unique market trends and legal requirements can be invaluable. They can help you stay compliant while optimizing your rental income. This local expertise ensures your property meets the legal standards and market demands, safeguarding your investment and improving tenant satisfaction.

So, when asking yourself, “Is hiring a property management company worth it?” the answer is often yes – provided they are informed on market trends and local regulations. Their expertise can help you stay compliant, manage tenants more effectively, and ultimately protect your investment.

5. Services Provided and Fees

When considering hiring a property manager or a company, understand their range of services. Typically, they handle tasks like rent collection, routine maintenance, and tenant screening. They may also manage lease agreements, ensure property compliance, and handle tenant disputes.

1. Here are 5 questions to ask a property management company before hiring regarding their services and associated fees:
   What services are included in your management fee?
2. How do you determine the rent amount for my property?
3. Do you charge for marketing or advertising vacancies? If so, how much?
4. What is your policy for late payment fees, and how are they handled?
5. How are your fees structured—flat rate, percentage of rent, or a combination?

6. Tenant Screening and Management

Modern technology has transformed property management, making it much smoother and more transparent. When hiring a management company for your rental property, pick one that uses advanced technology to streamline management of rent collection, maintenance requests, and financial tracking.

Many companies now offer online payment options, meaning tenants can pay their rent quickly and on time without hassle. This saves time and enhances the experience for both property owners and tenants. By selecting a management company that uses these tools, you can enjoy a more organized and efficient process.

7. Maintenance and Repairs

Maintenance and repairs are critical parts of property management and should be handled promptly and efficiently. A top-rated property manager should have a reliable network of contractors or offer in-house maintenance services, ensuring issues are addressed professionally and without unnecessary delays. Proactive maintenance can help prevent small problems from becoming bigger, costly issues down the line.

Before hiring them, ask the manager about their maintenance process to ensure your property is well cared for. Here are 6 key questions to ask when hiring a property management company regarding maintenance and repairs:

1. How do you handle routine maintenance requests from tenants?
2. Do you have a network of trusted contractors, or do you offer in-house maintenance services?
3. What is your process for addressing emergency repairs, and how quickly can you respond?
4. Are there any additional fees for maintenance services or repairs?
5. How do you keep property owners informed about ongoing maintenance or repair work?
6. How do you ensure that repairs are completed in a timely and cost-effective way?

8. References and Reputation

Before hiring a property manager, take the time to research their reputation and get feedback from others. Start by reading online reviews to see how they work with previous clients. You can also request client references for firsthand accounts from other property owners regarding their experiences. This gives you a clearer picture of how they handle day-to-day affairs.

When considering a property manager, ensure their values and approach align with yours. Some of the questions to ask a property manager before hiring could include:

• Can you provide references from other property owners you work for?
• How do you communicate with tenants and property owners?
• How do you ensure transparency in your management practices?
• What’s your approach to handling tenant complaints or issues?
• How do you keep up with changes in property management laws?
• What steps do you take to minimize vacancy rates and ensure tenants renew leases?
• How frequently will I receive updates about my property, and in what format?

Choosing a property manager whose values match yours can help create a smoother working relationship and ensure that your rental is managed to meet your needs and expectations.

Let TrueDoor Property Management Handle Your Property for You

Hiring a property manager requires careful consideration of factors like experience, services offered, fees, and technology. Understand the range of services property managers provide and ensure their tools align with your needs. Before meeting them, jot down questions to ask when hiring a property manager, such as how they handle tenant relations, maintenance, and communication.

If you’re ready to take the stress out of property management and ensure your investment is in good hands, consider partnering with True Door Property Management. Serving Orange County and the Inland Empire, our team provides comprehensive apartment and rental property management services tailored to meet your needs. Contact us today to learn more about how we can help manage your property and maximize your returns.