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Your property manager is someone you should know even more well than your wife or husband. Well, maybe not that well, but you get my drift.
Property managers are one of the most important assets to a property owner. They are the ones who handle the application process, the payment of rent, maintenance problems, and any legal issues that come up.
Basically, they handle the dirty details so you can focus on bigger and better things.
And because they are handling all of these important details, you should really consider the below points before settling on your final property manager. If you’re in the Phoenix area, when you’re done with the article, check out one of the best Phoenix Arizona property management companies out there.
- What’s Their Leadership Team Look Like?
When you’re picking a property management company, you’re not just going to be looking at the property manager during interviews. You should also look at the leadership team behind that manager. What is the HR team look like? How are the accountants?
If the manager is high quality, but the rest of the company is not so good, you might think about doing a couple more interviews.
- How Is Their Financial Management?
The single worst thing that could happen is that you choose a property manager and property management company that goes under as soon as you bring them on or soon after. If you don’t choose a company with stringent financial management led by certified accountants, you aren’t making the best choice.
During the screening process, make sure to get all the information you can about their financial management.
- Do They Have High Quality Relationships with Service Vendors?
You should be looking into their existing relationships with service providers and vendors before you bring on a property manager. Do they already have long-term relationships that they can bring on-board with your property? This could save you a lot of money in the long-term.
- Do They Have an Attention to Detail?
One of the main reasons you’re probably bringing on a property manager is so they can take care of the tiny details of managing a property, so you can work on bigger projects and growing your business. This is why you need to be 100% sure that the property manager you hire has a strong attention to detail and is incredibly organized. Real estate is a detail oriented business and the best choice you can make is with a manager who keeps up with all of those details so you don’t have to.
- What’s Their Transparency Like with Property Owners?
You want to know every single thing about a property manager and his/her company. If you find a transparent company, they should have no trouble in answering all of your questions and providing you with any necessary documents.
- What’s Their Sustainability Policy Look Like?
Sustainability is an incredibly important aspect in the real estate business and the property management company that you bring on should be just as dedicated to environmental sustainability as you are. This is not only because we should all be working to mitigate the effects of climate change. By bringing on a property manager who has sustainability as a major focus, you’ll be reducing your overall energy costs, saving you a lot of money in the long-run.
- Are They Responsive to Your Questions and Concerns?
You are bringing on a property manager to meet your needs and concerns. They should be open to answering all of your questions and helping you out with anything that you need. And if it doesn’t seem like the case during the screening process, you’re going to want to look elsewhere.
There you have it. Picking the best property manager is an intensive process that should be taken incredibly seriously. This person is going to be your point man or woman in your future business dealings and should be of the highest quality. Make sure you make the right choice!