Purchasing property to rent can be a good investment. It may provide a source of steady income as well as possibly building your personal portfolio. If you own a number of properties that you plan on renting out, you may need to hire a property manager because the time needed to maintain and care for all the buildings could become too consuming. Here are three tips for hiring a good property manager.
Christopher Prashad is an experienced property manager in Jamaica, Queens, New York.
- Make sure that you hire a licensed property, manager. Licensed property managers have taken a property management course and passed the state approved licensing exams. A licensed property manager will have a good system in place to collect rent and security deposits, and will be better prepared for handling issues that arise out of your properties.
- During the interview process, go over a list of properties that are currently being managed by the property manager. During the interview, ask the property manager if there are any other properties that they manage. Take a look at these properties yourself and judge how well they are being taken care. You don't need to go inside the actual apartments, but you can walk through the building.
- Discuss the management fee during the interview. You want to hire a property manager who isn't going to rip you off, but at the same time one that asks for a decent cut of the total monthly rent because it tells you that they will take their job serious. There isn't a steady rate for property managers, and the rate is going to depend on your market, but on average the fee percentage will range from 8 to 10 percent.
Christopher Prashad is an experienced property manager in Jamaica, Queens, New York.