Finding a professional that is a good match to steward your investment property can be a tremendous asset. Arming yourself with the knowledge to evaluate them can be a proactive way to ensure success in laying the foundation for a successful partnership and a profitable rental investment property. The following discusses some ground to cover with potential property managers, as well as other factors to consider prior to hiring one.
When interviewing prospective property management companies or a manager, it is best to get an overall picture of whether or not you are dealing with a professional. As in all industries, there are great, average and not so great people to chose to get the job done. In property management, there are licensed professionals and then there are unlicensed people who are still willing to manage your property for pay. In many states, if a person is going to manage a residential property for a property owner other than themselves, they must be licensed to do so through the state.
In addition to being licensed, it may be relevant to ask about other certifications, qualifications or memberships in professional associations. Often times, memberships and additional certifications demonstrate a professional’s investment, adherence to standards, heightened expertise and overall commitment to the industry in general. For a property management professional, a good place to start would be to find one that is a member of the National Association of Residential Property Managers (www.narpm.org).
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