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How to Prepare Yourself for Property Management

System - Thursday, September 26, 2019

When looking for a property manager, you'll want to take some time to get prepared before hiring the first one you talk to. Here are some tips to help you get ready to start interviewing potential property managers.

Ask Yourself, "When do I need to rent?"

Are you hoping to have a renter in 2 weeks? 2 months? Next year? This will affect when you need to start finding a property manager. It is possible to talk with a property manager at any time, and they can tell you when the best time to start advertising your house will be. Also, finding a property manager earlier will take off the stress and worry as you get closer to your move. 

Ask Yourself, "Why am I renting?"

People have different reasons for renting their house. Some rent out of necessity; they may not be able to sell or have to move quickly and don’t have time to wait. Some rent because of their future plans; they may plan to move back to that area or have family that will take over the property in the future. Others may have financial reasons; they may plan to keep their property as retirement income or pay it down and resell at a higher payout. The reasoning is important to think about because it may affect what property manager you feel most comfortable with. Some property management companies specialize in a specific type of property management or are more familiar with helping owners in specific situations. As you interview property managers, explain to them why you are wanting to rent and ask them questions about how they can help.

Ask Yourself, "What is most important to me in a property manager?"

Are you looking for a property manager that will make sure your tenants don’t damage your property? A property manager that won’t spend your money on maintenance without your permission? One that ensures your tenants are qualified and have great rental history? Something else? Think about what your biggest priority is about renting your home and keep that at the top of mind when searching for the right property manager. Even if you are still unsure, keep reading! You may find some of our interview questions may help you get ideas about what is most important. 

Start to Think of Your Home as a Financial Asset, Not a Fond Memory 

Most people purchase one house to live in, unlike an investor who buys and rents property for a living. For many people, their home is full of great memories, and it can be difficult to separate those feelings from the potential financial gains. As you begin to place your house for rent, it is important to separate the emotional connection from the financial one. After all, you can’t put a price on those great memories. When determining the best rent price and marketing strategy for your property, a property manager should only be looking at the physical aspects of the house (layout, location, updates, condition, etc). That is what a tenant is going to be considering when they are trying to find a home. Most of the time the tenant will look at function over fashion, because they typically plan to rent for a shorter time. 

Once you've gone through these steps, you'll have a clearer understanding of what you want out of a property manager. As you meet with potential property managers, keep these things in mind to help you figure out which one is a good fit for you. We've created a free guide for hiring a property manager. Head here to download it!

Click Here to Download the Definitive Guide to Hiring a Property Manager in Fort Leonard Wood