Importance of an Investment Property Manager
You wouldn’t leave the care of your newborn, or for those of us who are progeny impaired your ‘64 ½ Mustang convertible, with the crazy cat lady would you? Of course not; who in their right mind would leave a rare classic car in the care of a woman. What a completely ridiculous question! And here’s another one for you. Why would you invest thousands of dollars in a property and then leave it with a complete stranger? So what should you do, go out for drinks, maybe dinner and a movie? But you probably don’t have the time, money, or desire to wine and dine a bunch of losers to make sure you find the right person to watch over what could be your most important asset. We’ll leave those tactics for finding the right person to spend eternity with.
So back to the point. How do you choose an investment property manager? The first thing pretty much everyone thinks of is money. What are the fees? If the fee is too high, you probably won’t even take a closer look. If the fee is too low, not that that ever happens, they probably aren’t good at what they do so why bother with them? Once you’ve narrowed the field to investment property managers within your price range, there are a few other things to look at. Here’s a quick list:
Is the investment property manager available? Do you have to leave 100 messages or sit on hold for an hour before someone will talk to you? Do you have to cancel your appointments to meet their availability? Do they keep appointments and show up on time? An investment property manager that isn’t available for you definitely won’t be available for tenants.
How much experience does the investment property manager have? Look for someone who has enough experience to know what they’re doing. You should also check to see if they’re registered with Certified Property Management and the Better Business Bureau.
Is the investment property manager organized? A good investment property manager is going to keep track of a lot of things for a lot of properties. Look around when you’re in the office. Is it well-kept and put together? Do they take notes and keep files when you visit with them? Do they have a plan for keeping up with their properties?
And most importantly, talk, talk talk. Talk to everyone you can possibly talk to. Look at the properties the investment property manager already maintains and talk to tenants. Find out if the tenants are happy. See if the buildings are maintained well. Interview the investment property managers and see how well you’ll work together. Ask if they can provide referrals then check them.
Your life is already stressful enough. Save yourself a lot of worry and find an investment property manager that you can trust. Then go spend some time with Delilah and make sure to say hello to the new baby on your way out.