Owning rental property is a great investment as it offers you with a source of income that is steady. Rentals offer you the opportunity of increasing your personal portfolio via real estate holdings. If you are an owner of one or perhaps multiple rental apartments or homes, it is likely that you are aware of the high maintenance and care that is required not to mention the fact that it is quite time consuming. You will need to hire a professional to manage your property and one who is both reliable and knowledgeable. This will rid you of burden of managing your property while allowing you sufficient time to enjoy the advantages of having such an investment. Thus said, you will need to consider the following when hiring a manger for your property:

Ensure that the property manager is licensed. In this case, licensed means that the manager has successfully taken a course in property management and passed the licensing exam offered in the State. The person may have acquired a license to manage property or is a licensed property manager in charge (PMIC). The difference between the two is that a PMIC can run other individual properties while simultaneously managing other property managers. A person licensed to manage property is expected to work under a PMIC or a BIC (Broker in Charge that is affiliated to a real estate firm). Of more significance is a person licensed to manage property will have in place, a procedure that is state regulated for the handling of income as well as deposits from rental properties.

Have a look at property samples that are under the current property management service of the candidate manager. Request to be given the addresses of other apartments or homes under their responsibility and then pay them a visit. Once there, check to see whether the properties are in good condition and assess whether you would be comfortable to live in such a premises. If you get a negative perception of what you see, then the candidate is not ideal for you.

Find out whether regular inspections will be carried out for your property. Ensure that there are annual checks in the inside of the property and quarterly on the outside. Ensure checks are carried out in the event that there is a tenant turnover to abate any possible problems with new tenants.

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Smiley & Associates

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