How to Find the Best Rental Property Manager
Updated: Oct 24, 2021
At the onset, investing in a rental property seems like a cakewalk. However, one only realizes the complexities, setbacks, and bottlenecks of the rental property investment venture after becoming a part of it. If you have invested in the rental property as a side gig, you need to hire a full-time rental property manager that can smoothly run your investment.
However, it is tricky to find the right candidate for the job, especially if you are a first-time landlord. In this post, we will guide you on how to find the best rental property manager who can take care of your investment as their own.
Why Finding the Best Rental Property Manager Is Important?
Before we discuss how to find the best rental property manager, it is imperative to shed light on why you need to be so diligent in this selection. To begin with, the best rental property managers are the ones who don’t do their job just like an assigned task. In other words, best property managers are proactive professionals who don’t need constant reminders and nudges from the landlord to do what they are supposed to do. When there is a good property manager on the helm, landlords don’t have to stress themselves with constant supervision.
Secondly, a good rental property manager is an experienced individual who boasts great interpersonal communication skills. They know how to create win-win situations and take on problems with the right and immediate solution. Such managers are essential to handle a rental investment in profit with good occupancy and retention rates.
3 Things to Consider for Finding the Best Rental Property Manager
Factor in these three things if you want to find the best rental property manager for your investment.
1. Look at their Professional Licenses and Certifications
Many landlords don’t know what credentials to look into while assessing a rental property manager. Most property managers keep working with only real estate licenses, but it is not the right certification for a full-time rental property manager.
The best rental property managers have any of these certifications (or a combination of them) to back up their professional expertise.
● Membership of the National Association of Residential Property Managers (NARPM)
● Designation of the Residential Management Professional (RMP)
● Designation of the Master Property Manager (MPM) (It is the next senior level after the RMP)
● Designation of the Preferred Residential Management Company (the best among the best)
2. Look at their Experience
While licensing and professional accreditation are important, you also need to ensure that a rental property manager has substantial on-field experience under their belt. By on-field experience, we mean the experience of managing different types of rental properties throughout their career. Find out how many rental homes and apartments they have managed so far. Also, ask them how many rental properties they have taken care of at the same time.
Moreover, a seasoned rental property manager also boasts good knowledge of federal, state, and local laws regarding real estate, rental properties, disputes, and landlord and tenant rights.
3. Factor in Reviews and References
Apart from evaluating property managers based on their certifications and experience, you should run your background check. You can do that in various ways.
● Search for their history with Better Business Bureau and Chamber of Commerce.
● Look at their Google My Business Page and sift through all the user reviews to make an opinion.
● Try to reach out to their existing clients and tenants and ask them about their conduct while performing different duties (taking care of property maintenance, filling in vacancies, etc.)
By looking at the certifications and licenses of property managers, factoring in their experience in the field, and running a background check on their performance, you can find the best candidate to run your rental property investment.