Are you looking for a property manager in Spokane?
When you do it right, investing in property can be a great way to boost your income with passive earnings. There is a lot of responsibility and commitment with being a landlord though.
This only grows as your portfolio does, so it's a good idea to get a property manager. But finding the right person for the job can be tough, and you might not know what you should look for.
Don't worry, we're here to help! Keep reading for these 5 factors to consider when choosing a property manager to get the very best.
1. Knowledge of the Spokane Market
The best property managers in Spokane have extensive knowledge of the local market. They'll understand it, and have covered most areas so they can give advice on:
- How much rent you can charge
- Improvements you could make to charge more rent
- Current local vacancy rates and waitlists
- Local demographics
They should also give you alerts when leases are due for renewal, so you can plan on rent rises if the market allows. A great property manager is essential, especially if you're new to investing in real estate.
2. Property Management Experience
Reading online reviews and researching will soon tell your their level of experience. And that of their staff, especially to check they have experience in the types of property you own.
You should also get the name of the person who will be managing your properties, and vet their experience. It's important to set expectations on when you want them to contact you and how often to see if it's a good fit.
Make sure to ask about their experience with problem-solving. Have they dealt with problem tenants or other issues, if so, how have they dealt with them? You want someone who can take charge and fix any issues so you don't have to.
3. How They Answer These 7 Questions
These questions (and their answers) will help you work out more about the manager and how they work:
- How many of your tenants are in arrears?
- How often are disbursements made to the owner?
- How often have you found deliberate damage by tenants?
- Have you been to tribunal and how often if so?
- Will you tell me when my property needs maintenance repairs?
- What is your tenant screening and review process?
- Can you provide a written comparison for local Spokane rent values in the current market?
You want a property manager who will be proactive and won't bury their heads in the sand. They should know your rights, know how to handle tenants, and keep you informed at all times.
4. How Much They Charge
The cost of property management can vary depending on the services you want. Each company will offer different services and charge different prices.
These services include finding tenants, managing agreements, monthly statements, rent collection, and more. Make sure you ask them what they cover, so you avoid any surprise charges.
5. What Systems and Processes They Have in Place
For the situations you've discussed do they have the processes and systems in place? How do they manage tenant records? How will you get your rental statements, performance reviews, and payments? If they don't talk about their KPIs or processes, either they don't have them or they won't be adequate.
Choosing a Property Manager Made Easy
So, there you have it! Now you know these things to look for when choosing a property manager, you're on the right track.
You want someone with in-depth Spokane rental knowledge. They should have experience handling the types of property you own and handling all sorts of situations. Make sure they know what they're doing so you know your properties are in good hands.
If you're looking for a property manager to help with your portfolio, contact us today. At Home River Group Spokane, we've got the local knowledge and experience to help with all your property management needs.