Tips for Choosing a Real Estate Asset Manager

Real estate is an excellent investment because it generally appreciates in value and a smart investor gets their renters to pay most, if not all, of their mortgage payments. However, many people avoid purchasing rental properties because they don’t want to be landlords and manage those properties themselves. Choosing the right property manager can also be overwhelming, but a few simple strategies can make the process much easier.

Tips for Choosing a Real Estate Asset Manager

References

Ask other property owners, your friends and family and even those in your professional network if they know of companies experienced with Managing Assets Houston. Then, check the online reviews and testimonials for each company they suggested. Remember that some reviews are biased and may be left by evicted previous tenants. Include the Better Business Bureau in your research.

Licensing

Contact your state’s real estate commission to verify that all your options have the appropriate real estate licensing and professional certifications they need to work in the industry. Make sure they don’t have any disciplinary actions on their records.

Are they members of professional associations, such as the National Association of Residential Property Managers, and what are their designations?

Conduct Interviews

During the interview, ask about specialized experience. You want someone who knows the applicable laws and has extensive experience with your type of rental property. Verify their licensing and insurance.

Ask how the companies markets vacant properties and whether they charge their monthly fee on vacant properties. Then, learn how they screen for tenants to ensure that your property will be rented by good tenants. You also want to know how their rent collection works.

Review the Agreement

As you read over the property management agreement, pay special attention to the services the management company provides and their fees for each service. Review the duration and termination clauses of the agreement carefully. Also, read over your responsibilities. Don’t be afraid to negotiate your contract terms.

Remember that the time and effort you expend finding a great property manger will save you time and headaches later.

Posted in: Real Estate