Choosing the right property manager can be a daunting task. Most condo investors usually hire and fire a few before finding the perfect fit. Owners are often looking for a property manager that will take care of the property exactly like they would themselves, which is easier said than done. It’s also sometimes difficult for an owner to relinquish that much control, but it is necessary especially if the owner has multiple properties or lives quite a distance from the actual location of their condo investments.
Here are a few things that a condo property owner should look for when interviewing prospective property managers:
Every good property manager knows what individual tenants want in the units they rent. These managers can often tell a property owner what needs to be updated in the units in order to get the units rented more quickly, and for more money.
Experienced property managers will be very responsive, immediately responding to all phone calls and emails and will be proactive in providing an alternate manager when they are on vacation.
Property managers who utilize the web and social media for listing an available property are usually more successful than managers who use routine ads in newspapers. These managers are also aware of how to sell the unique features of a property and get it rented out quickly and efficiently.
Every property manager needs to be diligent with their records and have the ability to provide a spreadsheet and receipts on a monthly basis. This allows the property owner to be aware of what repairs have been done and what the cost was, plus the owner will have everything they need for tax time.
If a property owner is able to find a property manager that can fix things as well, then they are extremely lucky. The next best thing is finding a property manager that knows people who can do repairs in a timely manner. If a property manager has really good connections, then they will know who to call whenever anything needs to be done on the property, avoiding the likelihood of any periods of lost rental income.
A Toronto condo owner should also check references and make sure that they sign a contract with any property manager that they hire. All of these steps will increase the possibility that the owner will find an excellent property manager, which means that they will hopefully not have to go through the process for a very long time.