1) Do your homework – Do a full background check on the agent you want to hire and the company they are with. Look them up with the BBB & RICO (Regulated Industries Complaint Office) You are entrusting this person with a HUGE asset of yours.
2) Cost – What is this person going to do for his/her fee? The more they do the higher the cost. You want your manager to give you the most service for the least amount of cash.
3) Inspections – A lot of property managers inspect units once a year. This doesn’t help you if they’ve put a bad tenant in your unit. You won’t know you have a problem until your place has been destroyed. Look for quarterly inspections done by a property manager.
4) Screening – Find out how the Property Manager screens potential tenants. You want full credit & background checks done. People with good credit tend to keep the units in good condition, pay on time & are less likely to skip out on a lease.
5) Compatibility – If you don’t get along with the agent while screening them, things will not get better with time. Your first impression is very important.
6) References – Ask the agent for references from other owners.
7) Properties – Find out how many properties the agent manages. You don’t want to get lost in the shuffle if an agent is overwhelmed with properties.
8) Experience – You want an agent with experience. Remember this person is managing your home.
These simple rules will save you a lot of heartaches and can also be applied when you are looking for an agent to sell your unit. Remember, you are buying a service, do your homework!