13 Tips to Choose the Right Property Manager for Your Rental Home

If you’re a homeowner with a rental property, you know that managing tenants and keeping the property in good condition can be a lot of work. That’s why many people choose to hire a property manager to take care of things for them. But how do you know which property manager is suitable for your home? There are a lot of Property Management Companies out there, each with its own set of services and prices. So how do you choose?

1. Decide What You Need From A Property Manager

Do you want someone who will take care of the day-to-day tasks like collecting rent and handling repairs, or do you want someone to help you find tenants and market your property? Some property managers offer a wide range of services, while others specialize in one area.

 Think about what you need from a property manager and then find a company that can offer those services. If you’re not sure, ask the company to send you a list of services they offer.

2. Ask Around

The best way to find a good property manager is by word of mouth. Ask your friends, family, and colleagues if they have any recommendations. Chances are, someone you know has used a property manager in the past and can recommend one that’s worked well for them.

Once you’ve narrowed down your list of potential managers, ask them for references from current or former clients. Call those references and ask about their experience with the manager.

3. Check Out Their Licensing And Insurance

All property managers in Alberta must be licensed by the Residential Tenancy Authority (RTA). You can check if a manager is approved on the RTA website.

Property managers should also have liability insurance. This insurance will protect you in case of any damage or injuries that occur on your property. Ask to see a copy of the manager’s insurance policy before hiring them.

4. Ask About Their Fees

Property managers typically charge a percentage of the rent as their fee. The amount they charge will vary depending on the services they offer. Ask the manager to provide you with a list of services and their corresponding fees. Be sure to ask about any additional fees that may apply, like an initial setup fee or a late payment fee. Ensure you understand all of the costs involved before hiring a property manager.

5. Get A Written Agreement

Once you’ve chosen a property manager, be sure to get a written agreement outlining the services they will provide, their fees, and any additional terms and conditions. This agreement will help protect you in case of any disputes with the manager.

6. Check Their References

As with any service provider, checking the manager’s references is essential before hiring them. Ask for a list of current and former clients and call them to get their feedback on the manager’s services.

If you’re unsure where to start, the RTA offers a free online service called Landlord Link that connects landlords with qualified property managers. Landlords can also contact the Residential Tenancy Dispute Resolution Service (RTDRS) for help resolving disputes with their property manager.

7. Get To Know Your Property Manager

This is very important because you will be working with this person for a while. If you don’t feel comfortable with them, it will not work out in the long run. Try to meet with your manager in person and ask them questions about their experience managing rental properties.

8. Give Them A Test Run

Before hiring a property manager, ask them to manage your property for a trial period. This will allow you to see how they do their job and if they are a good fit for you and your property.

If at any point you’re not happy with the manager’s services, you can always fire them and find someone else. But remember, it’s much easier to find a new property manager than it is to find a new tenant.

9. Stay In Touch

Property managers are busy people, and it’s not always possible for them to check in with you every day. However, it would be best to stay in touch with them regularly. Ensure you have a way to contact them (phone number, email address, etc.) and ask how often they would like to hear from you. If there are any changes or updates to your property, be sure to let the manager know as soon as possible.

10. Review Their Work

It’s a good idea to review the manager’s work periodically and provide feedback. This will help them improve their services and ensure that you’re getting the most out of your relationship with them.

Property managers typically charge a percentage of the rent as their fee. The amount they charge will vary depending on the services they offer. Ask the manager to provide you with a list of services and their corresponding fees.

11. Get To Know Your tenant

This is also very important. As the property manager, it’s your job to keep track of all the goings-on at the property and report any issues or concerns to the landlord. You should meet with your tenant regularly and get a sense of how they treat the property. If you have any suspicions that they are not following the terms of their lease, contact the landlord right away.

12. Be Professional

The most important thing to remember when working with a property manager is professionalism. This means treating them with respect, responding promptly to their emails/phone calls, and abiding by whatever agreement you have in place. If you can manage these things, then chances are you will have a successful relationship with your property management person.

13. Celebrate

Once everything is up and running smoothly, take a moment to celebrate. You’ve just made life a little bit easier for yourself by hiring a property manager.

Now that you know how to choose the right property manager for your rental home, it’s time to start shopping around. Ask your friends, family, and colleagues for recommendations, or check out our directory of property management in Chandler.