Wednesday, November 3, 2010

Selecting A Property Manager For Your Rental Property

Many investors like the idea of adding real estate to their portfolio but have no interest in being a landlord. Calls about a clogged toilet at 11 pm or handling dozens of inquiries for each booking of your vacation rental not sounding very exciting? You might be interested in hiring a property manager to deal with these (and many other) issues for you.

Selecting a good property manager or management company is crucial to a long and hassel free relationship, and to protecting your investment. Here are some items to think through and ask when interviewing potential candidates.


  • Look at their website, brochures, and visit their office. Search for "your town vacation rentals" or "your town rental home" online to see where they appear in search engine results. You want to be sure potential renters can find this company, and that they will have a pleasant experience.
  • Ask how many of their properties are vacant or the average percentage of in season weeks they book for a vacation home.
  • Look over their rental policies and see if they are in line with what you are comforable with for your property. Do they rent to students, large groups, or pet owners? What is their eviction procedure should that be neccesary?
  • Ask how they handle required repairs. Are you given the opportunity to arrange for work to be done, or are you just sent a bill? Which you prefer may depend on how hands on you want to be and how close you live to the property.
  • Inquire about how they follow up on leads. You will want potential renters to receive a response as quickly as possible.
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