With summer approaching it’s easy to be tempted to wrap up quickly all sorts of business affairs and just jump right into that pool of clear water and have the comfort that comes from having somebody else take care of the problems with your rental property. Don’t be fooled by a seemingly pretty scene.
Selecting a property manager is selecting a business manager for your rental business. It’s an important decision that should be weighed and not rushed into as if you were traveling down a slippery slide into a cool and refreshing swimming pool.
You might not know the depth of that water! Diving in could be hazardous. The most important aspect of having a property manager is protecting your asset. That includes risk management as well as dealing with headaches such as complaints about toilets in the middle of the night. Finding qualified tenants is not always as easy as you might think. Be sure to ask thoughtful questions about how a prospective property manager screens your renters.
Consider how well the company knows the sort of rental property you own, too.
- Do they already manage other rentals in the neighborhood?
- Do they know that area of town well?
- Are they members of professional associations that further the professionalism of their trade?
- Do they have good Google reviews?
- Has anyone complained about basic professionalism or ethical concerns?
A good property manager is not just there to help with maintenance issues. They work hard to resolve disputes and handle customer service issues. They de-escalate issues so they don’t blow up or end up in legal fights. It takes a smart, measured approach with emotional intelligence to negotiate with tenants about where they live.
Selecting a property management partner is about a good fit. But just because it is comfortable does not necessarily mean that is the right choice. Make sure they are there to fight for your interests but will protect you by also telling you the facts and not covering their mistakes.
Scott Bloom, Owner and Senior Property Manager
Columbia Property Management
Scott founded Columbia Property Management (CPM) in 2012, and he serves as the owner and senior property manager. CPM’s goal is to provide a powerful, personal level of service to our clients. We focus on smaller landlords, professionally managing their assets, so they can succeed by investing in rental real estate. Scott is an active member in multiple professional organizations including the National Association of Residential Property Managers.