The average US landlord earns around $61,920. This can be a lucrative career, and it can be a source of passive income if you hire a property manager to look after your buildings and tenants.
However, there are some common errors with picking property managers that can cause unnecessary stress. This can lead to you losing money and having to handle day-to-day issues yourself.
By learning about these 5 typical mistakes, you can find a superb professional that will take care of your properties and help you maximize your profits.
Keep reading to learn more.
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1. Not Asking for Recommendations
One of the best ways to find a brilliant property manager is to ask for recommendations. If a friend or family member has used a company and is willing to give them a testimonial, this can be a strong reason to hire the same firm.
However, if you don’t know anyone who has hired a property management firm, reading online reviews can also help you find a trustworthy company.
2. Choosing an Inexperienced Property Manager
If you hire an inexperienced firm, you could find they make mistakes while they learn about the industry. This could cause problems for both you and your tenants.
But a business that has years of property management experience will know how to anticipate and deal with any problems effectively. They will help manage your investment property with the minimum hassle, allowing you to enjoy making passive profits.
3. Hiring an Unlicensed Property Manager
A licensed property manager will have passed an exam to prove they have the knowledge that is necessary for managing rental properties. In addition, many states require a property manager to have a license. This means you should confirm that a company is allowed to operate in your location.
4. Picking a Disorganized Property Manager
When considering your options for property managers, don’t overlook the importance of choosing a well-organized agent. They will also be managing other rental properties, and you need to make sure they pay enough attention to your investment.
A property manager with a consistent and detailed approach is much more likely to complete their duties in a timely and professional fashion.
5. Not Checking for Hidden Costs
Comparing property management costs may seem simple, but you should look for hidden charges. Otherwise, a firm may invoice you for services that you thought were included in the price.
Ask for a transparent list of costs for each service provided to ensure you don’t get an unexpected bill from your property agent.
Avoid These Errors With Picking Property Managers
Avoiding these errors with picking property managers can make it easier to find a high-quality company. Never hire an unlicensed property manager, and don’t work with a business that hides its prices. You should also steer clear of professionals who have a poor reputation or who come across as disorganized.
Before you hire a property manager, be sure to read more of our excellent blog articles.
