Property Management Agents: Do You Make These 7 Mistakes When Selecting

What's it worth?

Are you a busy real estate owner?

Don’t you just wish that you can just take the load off from your properties, live a stress free life and still have a major potential to grow your business?

Well, the answer is here and that is through trusting the expertise of property management agents.

Once you have decided to hire a property management agent, it is your sole responsibility to be extra careful in choosing one.

Because once you have selected your manager, they now work for you and not for the company that they are listed with. You are their boss; therefore you are liable in their every decision.

So you did your research, saw different blogs about how to choose an agent but what they often forget is to identify where they went wrong in choosing one.

We have narrowed the reasons for you and here are the 7 mistakes they often do when selecting property managers.

#1 Are You Easily Tempted By Cheap Fee

Admit it or not, we are easily persuaded by the word CHEAP. You may save a lot by availing these promos but as an investor, we should always be cautious about these promises.

Always review the fine print.

A simple tip is to check what they are offering. Is there as separate fee for other services, is there a different package you need to avail etc.

#2 Do You Always Forget to Check for Accreditation

Accreditations are an important aspect we always tend to overlook when we are searching for property management agents.

As property management now becomes a fast growing business, a lot of people are venturing to this niche. It’s ok to trust new individuals or companies offering these types of services but it would be better if they have the proper documents and accreditation.

3# Do You Disregard to Allot of Time to Look Around and Compare

As a business person, time is our biggest luxury.

With a lot of things we’re currently juggling on your hands, sometimes we tend to prioritize what’s important and one of which is setting time to look around and compare the different offers of property managers.

If you tend to easily dive on to the very first offer that comes to your doorstep, now is the time to change those old habits and evaluate these offers first before deciding to sign that contract.

4# Are You Easily Fooled By the Promises of Advertisements

Sometimes, different companies spend hundreds to thousands of dollars to advertise their services and even give false hopes.

Don’t be easily fooled by those petty promises but rather take time to study their deals and offers.

5# No Time to Study Your Contract / Agreement

“Always read the fine print.”

You might have heard this a million times but it pays to study your contracts and agreements.

Since property agents acts as your Little Landlords, it would be nice if you come to a mutual agreement of tasks, responsibilities and ways how you want them to manage your properties.

Make sure that every promise is put into black and white because that contract is your own form of protection.

6# Do You Personally Interview Your Property Management Agent

Never forget to take the time to personally know your new manager.

Observe his strengths, know his flaws and teach him how to improve it. As agents, they are your front liners in dealing with your clients.

7# Are You Too Occupied to Ask Around for Recommendations

In a business that thrives in trust, a good recommendation never fails to seal the deal.

Ask around, search for testimonials, research, research and research!

Finding a good and trustworthy property management agent is not a rocket science. You just need to devote your time to search and evaluate the right candidate for the position.

Do you have any other mistakes that we forget to add?

Hope you can share it in the comments below.


Photo credit: alancleaver_2000

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About Rana

Rana is an experienced property manager and the editor of Contract Properties blog. Google+