5 Step Process of Hiring a Property Manager
Building wealth shouldn't be difficult. And neither should hiring a Property Manager.
Beginning your business relationship with a Property Manager is easiest with a clearly defined process.
The following 5 steps outline the beginning of our Landlord / Property Manager relationship.
1. Discuss your goals and get to know us
The most important step in the process is determining your goals and scheduling a 15 minute phone consultation.
Whether you are a first time landlord looking for a property manager for guidance, or you are a seasoned real estate entrepreneur ready to set your investment portfolio on autopilot, beginning the process for hiring an experienced property management company remains the same.
Knowing what success looks like to you will keep the conversation focused. Many landlords use this time to explore our Property Management philosophy and policies regarding rent collection, repairs and maintenance, payments and fees, and financial reporting.
To better serve your needs, we will inquire about the condition and location of the property, whether or not the properties are occupied, and details regarding the current management situation.
2. Walk-through of the Property
After the initial conversation, it may be necessary to take a walk-through of the property.
If the property is currently vacant, it is wise to have the property manager walk through the property to see if there are any potential issues requiring immediate attention, especially if some time has lapsed since your last property inspection. This is an opportunity for us to become familiar with the property as well as providing suggestions for rent-maximization.
Additionally, this meeting allows for opportunity to document any projects need to be completed to the property before bringing to market.
3. Review Rental Analysis and Comparables
Naturally, if you are a first-time landlord, you will want to know the market value of your rental property. Verde Property Management will conduct a comprehensive rental analysis of your property to determine a competitive rental amount. We will also offer you suggestions on setting rent at a competitive level to attract the most qualified tenants to view and occupy your property.
If there are already tenants occupying your property, we will review the rent amount that is currently set and make our recommendations.
Our philosophy in setting rent is simple: set the rent at a competitive and marketable rate to avoid vacancies and encourage demand.
4. Review Property Management Agreement
Our Property Management Agreement outlines the services and fees we will execute on your behalf. In addition to reviewing our suite of services, you will find a clear list of additional services. Examples of what you will review in our agreement include:
- Service and maintenance technicians fees, and the types service calls requiring automatic action on our part
- Monthly management, tenant placement, and lease renewal fees
- A predetermined thresh hold of when the Property Manager will contact you to authorize repairs
- Expectations of costs for Project Management services needed for the property
- Eviction procedures and costs
Once the agreement has been reviewed, we will then have the agreement signed both by the Landlord and Verde Property Management.
5. Onboarding and Marketing your Property
After reviewing and signing the property management agreement, we will guide you through our onboarding process. For occupied units, this means reviewing existing leases, and transitioning your tenants over to our management. For vacant units, we will discuss more in depth the criteria you want to set when screening out new tenants, set rent amounts, capture photographs and bring the unit to market.
Simplification and predictability are at the core of our Management Philosophy. Whether you need to explore some equitable options for your first rental property, or you need to simplify your investment property portfolio, building wealth shouldn't be difficult.
Schedule a consultation with a Verde Property Manager below: