• Learn the key questions to ask to find the right person to manage your rental property
• Top 3 Tips For Selecting the Best Property Manager
The main thing that managers need to do is to ensure your tenants are happy, all cash flows are accounted for, and the property remains in great shape. A good property manager can make a bad property manageable or even profitable.
Rental property is a worthwhile investment for those savvy enough to own it. But it does come with the added responsibility of being a landlord. Some landlords love this; others hate it. If you want to start a real estate business without having the time or capital to do it yourself, a property manager may be the perfect solution.
Your manager needs to be thorough and effective, and it’s your job to find a trusted manager who will get the job done right. Investors need to choose a property manager carefully because not all of them will turn out well. That said, here are some important things that property owners should look for when choosing the right property manager.
For a free phone consultation to discuss your specific property and how we would approach managing it, please call our office: 415.346.8600
What is a Property Manager?
First things first. Before you buy a property, it’s important to know what a property manager is and does. Property management is an individual or a company that manages rentals for a fee. Thus, when a property owner is unavailable to take over landlord responsibilities, professionals like these take over. They are responsible for maintaining the property, collecting rent, and making sure everything is running smoothly.
3 Tips for Choosing the Best San Francisco Property Manager
Finding the right property management company can be a daunting task. You need to find someone who is experienced, professional, knowledgeable, and who will work with you as a team to help you manage your property. To hire the best property management company to fit your needs, follow these tips.
Tip #1 – Determine Your Needs
The job responsibilities of a San Fransisco property manager depend on the needs of the property owner. The best property management companies are able to handle everything a property needs, from marketing and advertising your property, finding new tenants, collecting rent, responding to maintenance requests, and accounting.
Review the company’s services to determine which services you need and negotiate your price from there. Don’t pay for services you don’t need.
Tip #2 – Research to Discover the Best San Francisco Property Manager
In today’s world, there are lots of different ways to find a property manager. Search engines, like Google, are a good place to start. Begin by searching for property management companies in the area where your property is located or where you’re considering buying.
A good way to pick between three or more potential choices is to investigate each company’s background, reputation, and reviews.
Visit their website and gather this information.
Look for Local Experts
Understanding the local market is essential to effective San Francisco property management. It is important that the company you hire knows all the nuances of your area. This comes from experience.
You should make sure that the San Francisco property manager you hire is experienced enough to handle the job. Ask if they have any experience in the area. How long have they worked in the area?
Ask if they have any references. If you can get references from people who have used their services in the past, this will be a good sign.
Visit Their Properties
It’s a good idea to do on-site visits when evaluating a property manager. Look for trash, bad or unkempt landscaping, and needed repairs to the property. If possible, ask renters the following questions:
- Are their complaints addressed?
- How long does it take for a repair or maintenance issue to be solved?
- Are their buildings are quiet?
- Are any problems with other tenants?
- Are they planning on signing new leases?
Answers to these questions will give insight into how well the property is managed.
Get Referrals from Other Investors
The property managers that friends and colleagues refer to are sometimes the best. Ask anyone you know who works in real estate or property management if they know of anyone who would make a good fit. There is still a lot of word of mouth when it comes to finding a quality management company. A property management company with poor ratings usually means that the message about the company has already spread in the industry.
Check to make sure the prospective property manager has a license and that there are no complaints against them in the state’s Real Estate Commission or the Better Business Bureau.
Once you’ve done a little research into different property management companies, you’ll want to schedule interviews. Interviewing property managers is one of the most important steps in hiring a property manager. Call potential applicants to schedule interviews.
Ask the following questions:
- What property management skills and experience qualify you as a good San Francisco property manager?
- What system do you use to determine lease prices?
- What is your process for marketing the property to rent it quickly?
- When leasing property, what steps do you follow?
- How are tenant service requests and complaints handled?
- How many properties do you manage?
- Approximately how many hours per week will you spend managing my rental properties?
This list of questions will help you decide if you’ve found the perfect San Francisco property manager.
Find someone who is pleasant to talk to, and is passionate about managing your property. They should be driven to do good work and to add value to your company. At this point, you have two options. You can set up a second meeting, or you can prepare pros vs cons list.
Tip #3 – Certifications and Licenses
It’s important to check with your state’s real estate commission to find out what type of license a property manager needs to be able to manage a property. Real estate broker licenses are the most common type of license for property managers. State laws may require a property management license before a person can handle property management-related activities.
The Perfect San Francisco Property Manager
There are many factors that you should consider when choosing a property manager. You must be sure that you can trust your property manager to do a good job. You must also be sure that your property manager will keep your rentals safe and in good condition. Make sure that your property manager will provide all the legal requirements for your rentals and will provide you with all the services you need.
For owners in the San Francisco area, contact Leading Properties at 415.346.8600 or visit our website www.leading-sf.com to review our list of services.