Managing a property isn’t easy. From collecting rent to coordinating repairs, it demands a lot of time and attention. That’s why most landlords decide to hire a property manager to handle some, or all, of their responsibilities. After all, anyone who owns a rental property would want to profit off of it. When a landlord can (or doesn’t want to) self-manage the property, choosing a property manager is their best bet.
Looking for a rental property manager is a decision that shouldn’t be taken lightly. If you choose the wrong man or woman, you’ll soon find yourself losing instead of earning. In this article, you’ll find helpful tips on searching for a property manager in Boca Raton.
What does a property manager do?
But first… what does a property manager do, anyway?
A property manager is an individual who oversees the daily operations of an investment property. They are either independent contractors or partners of a management company. Their role is to ease the stress that comes with property ownership, such as screening tenants, collecting rent, conducting inspections, and so on. A property manager can either take complete control or assist the property owner with certain tasks. The responsibilities of the property manager include, but are not limited to:
- Advertising and marketing
- Screening applicants
- Processing lease contracts
- Collecting rent
- Coordinating repairs and maintenance
- Conducting regular inspections
- Accounting and bookkeeping
Why should you hire a property manager?
If you find that self-managing your property is too much to handle, you should consider hiring a property manager. Perhaps your property is in another state or you have too many investment properties on your plate. Similarly, if you’re not interested in learning the tricks of the trade, a property manager can take over and ensure your investment is lucrative.
Whatever your reasons are, hiring a property manager allows you to live the “landlord’s life” that you want. Even if you want to be a bit involved, you can still delegate some of the duties to your property manager. In that case, they can act as your helping hand.
Here are some of the advantages of leaving your property in the hands of a property manager:
- They can fill vacancies fast. A management company has a strict tenant screening process in place to help them find responsible tenants in no time.
- They have a vendor network. They have long-standing relationships with local contractors that can offer their services at competitive rates.
- They can set a competitive rental rate. They know the market, so they can set your rental rate at a competitive — yet not too high — price.
When you hire a property manager to handle property management in Boca Raton, you will have peace of mind, knowing that the pros are taking care of your property. Indeed, management companies aren’t cheap, but you can’t put a price on peace of mind.
What’s the best way to hire a property manager in Boca Raton?
Before you can find the best person for your property, you need to carefully consider what each candidate brings to the table. Here’s how to hire the best property manager for Boca Raton property’s needs:
#1 Find out how many properties they’re currently managing
Don’t assume that your property manager can devote their entire time to your investment property. Property managers, especially those employed by a management company, typically handle multiple properties at a time. As a rule of thumb, your property manager should manage not more than forty properties. Anything more than that and it’ll be a balancing act. So, if your prospective property manager is currently managing thirty properties, and you need them to manage ten, they’re probably not your best bet.
#2 Get referrals from real estate agents, colleagues, etc.
The ideal way to find a property manager is through referrals from friends, family, and fellow property owners. Instead of taking a risk by hiring an individual that you still have to evaluate, choose a property manager that your contacts can vouch for. Plus, if the property manager has a bad reputation, your fellow property owners will be able to warn you.
#3 Research the properties that they’re managing
Want to get an idea of how they’ll manage your property? Look at how they’re marketing their vacancies — that’s likely how they’ll market yours, too. If they have a website, look at their portfolio (if they don’t have one, that’s a red flag). What types of properties have they handled? Where are these properties located? Can you find their properties on the top real estate listing sites? Your standards need to be high when it comes to how your property will be managed. Keep in mind that the future of your property is in their hands, so you better be picky.
#4 Consider someone local
Property management in Boca Raton should be handled by someone who knows the Boca Raton market. Your property manager should understand the market demographics because this is how they’ll attract tenants to your property. For instance, if your rental property is in a top-rated school district, they should know how to market it to families. A local property manager is also aware of landlord-tenant laws, so they can ensure that your rental operations are always lawful.
#5 Ask about their tenant screening process
Want to avoid headaches due to tenant disputes? Hire a property manager or management company that has a tenant screening process in place, and make sure that they stick to it. Selecting the right tenants is critical, as it can determine whether or not you’ll collect rent on time. The tenant screening process can also eliminate the tenants who aren’t responsible enough to care for your rental unit. Hence, choose a property manager that you can trust to conduct a background check.
#6 Find out if they handle maintenance issues
Property maintenance should be part of property management in Boca Raton, but unfortunately, it isn’t always a given for some investment property managers. It would be best if you didn’t assume that maintenance is included in the management plan. Some companies will charge an additional 5% to 10% for their efforts in handling maintenance. If included, find out if they handle all issues or only handle topics up to a certain amount.
#7 Speak to the property manager in person
Treat it like an interview and speak to the potential property manager in person. Keep in mind that if you end up hiring them, you’ll have to talk to them constantly. It would be best if you made sure that you like the person. If you feel uncomfortable around them, take that as a sign to look elsewhere. In this situation, you should trust your intuition.
When choosing a property manager, do not rush into things. Take the time to evaluate each candidate, and keep in mind that the key is to set your standards high. By doing so, you can get the best property manager in Boca Raton.