Being a landlord is definitely not something easy – it takes a lot of effort to constantly take care of your tenants and properties. As such, you might want to consider hiring a rental estate manager to look after your properties – but what should you look for in such a manager? Read on below to find out:
• Look for the license – just like any other profession, rental managers also have to be qualified. Therefore, when on the search for managers to hire, be on the look-out for their qualifications. You should especially check for whether they are ‘licensed’ – this means that they have undertaken an appropriate property management course and have passed the state’s licensing exams.
• Is his/her personality agreeable and compatible with yours? – Of course, you’re not looking for friends, but this does not mean that you should not factor the personality of the manager you’re planning to hire when interviewing them. Since, he or she will be taking care of your property whilst you’re absent, you will need someone who can be trustworthy and honest with you – as such, you need to look for people who are compatible with you.
• Do a small background check – once you’ve checked the qualifications and personality, you can start seriously considering hiring the manager after you’ve done a small background check. Go check the properties he or she is contracted to manage at present if possible, and check their state – are they properly being maintained?
• How much is his/her fee? – The first thing you’ll actually be looking into is probably the management fee they’ll be asking for managing your rental properties. The fee naturally varies from manager to manager – largely on the basis of their qualifications and their experience – but you can expect an averagely qualified rental property manager Wellington to ask for eight to ten percent of your income from the monthly rent.
• Ask him/her how they maintain the properties – find out how they manage real estate usually – this time by directly asking them. Inquire as to how often and in which manner they usually inspect properties, and how they ensure they are properly maintained.You want your properties to be in responsible hands, after all.
• What do they do for repairs and other costs? – A major part of maintenance which you have to separately inquire about are repairs and similar issues. How does he or she take care of issues which need repairing? You need to confirm and agree on how much money you will allow the manager to spend on repairs without contacting you about it first, for example. Another important thing you should make clear is that all costs – no matter the reason – have to be properly recorded for and accounted in the ledgers, so as to avoid confusions.