Three important guidelines:
1. Ask yourself; to what extent do I want to be involved with my property? Do you want the property to behave as a passive investment or do you want to remain involved in a limited capacity so you have the peace of mind that your money is working properly for you?
In this economy, Landlords and Associations are looking to cut costs. Under either circumstance above, a good property manager is an important person to have on your team. It is important to remember a property manager can provide an individualized contract to your specific property that will cater to your needs. For instance, if you only want to collect rent checks (the fun part), and have the property manager address all the other tenant issues and maintenance issues than a contract and fee can be designed to meet that arrangement.
2. Is your property manager proactive or reactive? It is important to be honest with your property manager about any potential construction defects or equipment malfunction so he/she can stay in front of any potential issues. A good property manager should be proactive and head off any potential problem. This is the cheapest option in the long run for any landlord and keeps the tenants/residents happy and stress free.
3. Do you trust your property manager? This simple question is paramount. It is important that the owner or association trust their property manager because their responsibilities are extensive, their access to the property is unlimited, and their decisions can have large financial impact to the property and budget.
Please visit www.ajbrealty.com and find out why you can “Trust your keys with AJB.” Also review our Top 10 Reasons to Hire a Property Manager on our Property Management page.
