Hiring a Property Manager: Relevant Tips to Keep in Mind

When hiring property managers, it's important to note that not all property managers are the same. You'll find companies that are cheap, some that use the best property management tools (and some that don't) and you'll find some that charge an arm and a leg. The key, is finding a quality property manager that you feel comfortable with and does a job that is up to or exceed your expectations. To do this, we've listed the top factors to keep in mind when looking to hire a property manager.

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Ask for Property Manager Referrals

One of the first few places to start when you're looking to hire property managers is your friends, neighbors and co-workers. You'll want to ask them if they know of a property management company that they have hired before that they would recommend or refer.

If you have a specific issue with your managing investors, like getting more direct bookings, you can ask for referrals of property management companies that they know of that have helped them with their getting more direct bookings or whatever other issue you are having (ie. the constant need for enhancing guest experience, overbookings, operations management, expand your online presence as much as possible, etc.)

Pro Tip:

Reviews of Property Managers

After checking out references that you received for property managers, you'll want to check online reviews. You should be able to find online reviews for just about any property manager in your local area. This can very helpful, but can also be overwhelming and misleading at times. Here are a few guidelines to help you as you sift through all of the reviews:

An overwhelmingly positive or negative review of a property manager could be a sign of a fake review- so take that into considerations.

Make a special note of property managers that have received a great deal of reviews. A lot of reviews combined with 4.5 to 5 stars is a big sign that the property management company got those legitimately.

Keep an eye out for reviews that compare their experience with other property managers. Giving these details adds validity to the reviewer who has actually hired a local property manager.

Here are a few examples of valid reviews of property managers:

"Alan was great to work with; courteous, dependable, and personable. He was able to schedule my job quickly and did it at a very reasonable rate. He and Mike painted the entire interior of my house, as well as all of the woodwork, including window trim/sills, baseboards, door frames, and doors. It was a tedious job but it turned out beautifully. Alan also helped me out by cutting and inserting portions of baseboard that were missing â a nice surprise since I didnn't think I would be able to do it and it wasnâ t in his scope of work. When the project took longer than expected, Alan was very apologetic. All-in-all, it was a very good experience. I would highly recommend Best Property Management Services."

"They came and gave a bid. They did exactly what I wanted and even did some extra work when I asked them to do more. I am very satisfied with them."

"Chris and his crew did a great job. They arrived the next day and fixed the problem not only in a timely fashion but also did it in a way so that the problem does not happen again. Thank you!"

Pro Tip:

Property Manager References

Once you have gathered referrals and checked online reviews of the property management companies, you want to call the company directly and ask them for at least 2 recent references. These should be from customers they have completed work for within the past month. Also, you can ask for references for specific issues like the constant need for enhancing guest experience, getting more direct bookings, overbookings, expand your online presence as much as possible, operations management or just general managing investor issues. Here are some questions you could ask the property managers' references:

What work did the property manager do for you? A small managing investor issue or big managing investor issue will give you insight as to the scale of the project. Was it for overbookings, operations management, the constant need for enhancing guest experience, expand your online presence as much as possible, getting more direct bookings or just general managing investor issues?

Did the property manager provide a contract with details of the work? Did they provide what methods will be used, possible issues, etc.

How was the staff that completed the property management work? Professional, clean, friendly? Ask about the things that you care about.

Was the property management work completed per the agreed upon budget?

How were the property managers results? Did they meet or exceed your expectations?

Would you hire the property manager again?

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the constant need for enhancing guest experience

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Always make sure the property management company is using the proper tools and a specialized property management software that is custom to the industry. Servgrow is a popular software among property management companies.

Licensed and Insured Property Management Company

When hiring a property manager, that last think you want to do is hire one that is not a legitimate business and has no license and insurance. Just because you know that property management companies should be licensed, bonded and insured, don't take this for granted.

Property Managers that do not have a license will most likely try to cut corners because they understand that they are not as accountable for their work. In fact, it's illegal for them to operate without a license.

Professional property management companies will have no problem showing you all the necessary documents, licenses and insurance to operate their business.

Final Notes on Hiring a Property Manager

Hiring a property manager can be challenging at first, but using these tips above should get you started in the right direction. And keep in mind that it could take a couple different property managers that you hire before finding that perfect one- and when you find that perfect one, don't let them go!

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Hiring a Property Manager: Relevant Tips to Keep in Mind

Pro Tip:

Ask for Property Manager Referrals

Pro Tip:

Reviews of Property Managers

Pro Tip:

Property Manager References

Pro Tip:

Pro Tip:

Licensed and Insured Property Management Company

Final Notes on Hiring a Property Manager

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