🧐 Finding and Vetting Property Management

[AJ Smith]

🤬 Are you a new real estate investor struggling to find a competent property manager in your target market?

😃 Here are some tips to help you find the right property manager and ensure that your investment is in good hands.

👨‍💻 Research: Start by doing your research online. Check out the property management companies in your target market and read their reviews. Ask for referrals from other investors and industry professionals.

🗣 Interview: Once you have a list of potential property managers, set up an interview. Ask them about their experience, qualifications, and their process for managing properties. It is essential to ask for references and contact them.

📃 Check Credentials: Verify that your property manager has a valid real estate license or any necessary certifications. This step is critical because it ensures that the property manager is knowledgeable and qualified to handle your investment.

🤝 Agreement and Alignment: Ensure that you have a clear agreement with your property manager, outlining the responsibilities, fees, and expectations. It's crucial to align with a property manager who shares your goals and values and is committed to making your property more profitable.

📢 Communication and Oversight: Once you have selected your property manager, establish a system for regular communication and oversight. Use technology to your advantage, such as software that tracks rent payments, property maintenance requests, and financial reporting. Schedule regular video conferences or phone calls to stay connected.

🔍 Property Inspection: Schedule regular inspections of your property to ensure that it is well-maintained and in good condition. Regular inspections can prevent minor problems from turning into major issues, which can cost you money in the long run. I had a conversation yesterday with a seasoned investor who has his maintenance people change the air filters once per quarter. On one of these visits he found no less than 73 pizza boxes (and cockroaches to boot!) inside the apartment!

🌟 By following these steps, you can find a trustworthy and competent property manager who will help you maximize your investment's profitability. Remember to maintain communication and oversight to ensure your investment is in good hands.