If you have rented out a property in a town that’s far from the one you live in, you cannot possibly drive down to collect rent or do maintenance work. So what do you do? You hire a residential property management agency. An agency like this will be able to provide you with a dedicated property manager who will look after your property on your behalf.
You should look for a few things when choosing your residential property manager. These are experience, background, local residence, attitude and, of course, price.
Your residential property manager should have at least five years of experience in the industry, especially if you have a large property with many renters. A number of complications, legal and otherwise, arise over the course of property management, and an inexperienced manager will be overwhelmed by them all. An experienced manager, on the other hand, will know the law, know a few lawyers and cops, perhaps, and will not succumb to a crisis.
Background is also important; to be sure, do a criminal background check of the person in question. If your property is used for any criminal purpose, you may be held liable.
It is important that the property manager lives locally. If your property manager lives in a different town, just like you do, chances are his work will not be as sincere and thorough as a local guy. Someone from the locality will know the right persons, too, when a crisis arises.
Finally, attitude: this is something you will have to judge on the fly, while talking to him, and if you are not a good judge of people, take along someone who is. Attitude is very important in this business.
Probably your budget will also play a big factor in choosing the right property manager, so a property manager you can afford.