When you’re looking for property managers Santa Barbara, it’s important to do your due diligence. This is someone who will be responsible for your property and tenants, after all. But even with the best intentions, it’s easy to make mistakes in the hiring process.
To save you the headache (and heartache), we’ve compiled a list of the top mistakes people make when hiring property managers. From not asking the right questions to cutting corners in the screening process, read on to learn more about what NOT to do when hiring a property manager.
Not Checking References
When you’re hiring a property manager, it’s important to check their references. A good property manager will have several years of experience and will be able to provide references from satisfied clients. However, some property managers may try to fake their references. To avoid being scammed, always call the references yourself and ask specific questions about the property manager’s experience and performance.
Not Interviewing Multiple Candidates
When hiring a property manager, it’s important to interview multiple candidates. This will give you a chance to compare and contrast the different candidates and find the one who is the best fit for your needs. interviewing multiple candidates also allows you to get a sense of each candidate’s personality and how they would interact with your tenants.
Not Having a Written Agreement
Not having a written agreement is one of the top mistakes when hiring property managers. Many landlords think that they can just give their property manager verbal instructions and everything will be taken care of. However, this is not the case. If something goes wrong, there is no written record of what was agreed upon which can make it very difficult to prove what happened.
A written agreement should outline the duties of the property manager, as well as the expectations of the landlord. It should also include information on how to contact the landlord in case of an emergency. This agreement will protect both parties in case there are any problems down the road.
Not Understanding the Scope of Their Services
When you’re looking for a property manager, it’s important to understand the scope of their services. Many property managers will only handle certain aspects of your rental property, such as marketing and tenant screening. Others will handle all aspects of your rental property, from marketing and advertising to repairs and maintenance.
Make sure you understand what services your potential property manager offers before you make a decision. Otherwise, you may end up with a property manager who isn’t able to meet your needs.
Not Getting Regular Updates
When you’re looking for a property manager, you want someone who will keep you updated on the status of your rental property. Unfortunately, some property managers don’t keep their clients updated on a regular basis. This can lead to problems down the road, so be sure to ask your potential property manager how often they will communicate with you.
Buying Only Based on Price
When choosing a property manager, you may have a certain amount of money in mind. But you should know that when it comes to property management, you get what you pay for.
It’s not a good idea to hire property managers just because they charge less. Instead, look for a property management company with a good name and a lot of experience. So, their service gives you a good return on your money.
Asking the Wrong Questions
It is best to choose about three property managers and ask the right questions to find out more about them. First, ask about their qualifications to manage property. If you know their qualifications, you will know how much experience they have as a manager. Second, ask how many properties they are in charge of right now.
Then, find out what they do well. You’ll get a general idea of what they stand for, how they do things, and what their strengths and weaknesses are. Also, find out if they know about the real estate market in your area. You will need to know what tenants want, such as what kinds of homes they are interested in. Your property manager should know what’s happening in your area’s real estate market.