If you're interested in investing in real estate but aren't fond of the idea of managing your investment on a day-to-day basis, a smart plan is to hire a residential property manager. Whether you have houses that you're renting out or a couple condo units that you're renting, a skilled property manager will handle this business while you enjoy the financial rewards of your investment. When you're looking for someone to fill this role, you obviously want someone with experience and someone who has exceptional personal skills. Here are some other criteria that you want the person to meet.
Maintains A Support Network Of Contractors
When you interview candidates, ask each person to tell you about the support network of contractors that he or she has. Skilled and experienced property managers always have professionals they can turn to do complete work on the rental units. For example, if there's an electrical problem in the home you're renting out, the tenant will call the property manager. You want someone who has connections with one or more electrical contractors who will be able to handle the work. The suitable candidate for you to hire is one whose network of contractors, including plumbers, carpenters, cleaners, general contractors, and more, is extensive.
Has Experience With Negotiating
Property managers will often have to do some negotiating. For example, when one of your real estate investments is available and the property manager is evaluating prospective tenants, some of them may seek to negotiate the rent you wish to charge. Unless you've specifically asked the property manager to be firm about keeping the rent at a certain level, you want to feel confident that he or she will negotiate in your best interest, but without scaring tenants away. A job applicant who has negotiating experience, perhaps in a past role in auto sales, will be valuable.
Strength With Finances
Your residential property manager needs to be someone who is competent with numbers. A property manager collects the rent for you, calculates interest that is owing when someone pays the rent late, handles invoices submitted by contractors after various projects are completed, and more. Remember, this is your investment — you need to make sure that whoever is working as your residential property manager is comfortable dealing with finances and meticulously organized. Ask the candidates who apply to the job to explain what experience they have in this realm.
For more information, contact a business such as Management Associates.