How to Choose a Property Manager

Not all property managers are created equal. It can be an unscrupulous industry, and even well-meaning property managers may simply not have the resources to help you navigate the complex demands of today's rental market. Here is a checklist to help you determine whether a property manager is right for you.

  • Local expertise. Your property manager must be a local expert when it comes to market rates in various local neighborhoods, the best advertising outlets in the area and how to make sure you are in compliance with local and state codes and landlord/tenant laws.
  • Fairly priced�with no hidden costs. A discount property manager can cost you when it comes to longer vacancies, more expensive maintenance, legal problems and costly mistakes. Saving a few dollars a month in management fees can sometimes cost you hundreds�even thousands�over the course of the year. The right property manager won't always have the cheapest fees, but will always get you a better return in the long-term.
  • Strong marketing strategy. Ask your property manager where your rental unit will be advertised, and expect a lengthy answer. In today's market, faster leasing depends on being everywhere at once�dozens of online listings, local venues, attention-grabbing signs and more should be included for every vacancy.
  • Leasing Standards. How does your property manager handle showings of your vacant property? Do Licensed Real Estate Agents show your home or do they allow unlicensed "potential"? tenants to enter from a lock box? Do they pre-screen potential applicants? Organized property managers should have a set procedure for applicant screenings and showings and the procedure should ensure that safety and security of your investment is a top priority.
  • Response times. Ask your property manager for their time commitment for responses to questions/issues and they should have a set plan in place. Also, ask if you are able to speak to all staff or if you have "restricted"? access as it is important that you get the answers to your questions from the appropriate person in a timely manner.
  • 24/7 transparent reporting. Will the property manager provide round-the-clock access to reports on accounting, rents, vacancies, inspections and maintenance? Will you have access to photographs and documents online? Like many other industries, property management is now a technology-driven field, and you should expect the information you need-on demand.
  • Fast owner disbursements. How soon will you receive your rent payments? Is direct deposit an option? You should never have to wait 30+ days to receive your rent and electronic options are a must!.
  • Experience in the complexities of property management. Residential property management is a tough industry that requires extensive experience in marketing, leasing, maintenance, collections, evictions, accounting, inspections and legal matters. Many small property management shops simply do not have the resources to give each of these areas the attention needed to maximize your investment and help you avoid costly mistakes.
  • Accounting support. Cleared monthly financial statements, annual tax documentation and centralized accounting for multiple properties should be standard for every client. You should expect your property manager to provide all of the information you need to evaluate your investments-whether you own a single home or a large portfolio of properties-and make tax time easier.
Don't fall for gimmicks or discount services�a professional property manager has the knowledge, the experience, the technology and the commitment to get you the best return on your investment properties. Learn more about pricing, and avoiding hidden fees.

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Real Property Management West Valley Phoenix
(602) 358-8130