Tips For Selecting a Property Manager For Your Out of State Rentals

Choosing a property manager can be hard enough when you are in the same city, but being in a different state can be a lot worse.  This is primarily true because you will rarely be able to physically see what they are doing.  Fortunately there are a number of tips for selecting a property manager for your out of state rentals that can make everything a lot easier.  Here are a few things to keep in mind to make everything a lot easier.

1.    You Have to Trust Them
In the end, it doesn’t matter how great a property manager is if you can’t trust them.  This is true for both property management companies and individuals alike.  Fortunately, there are a number of communication tools that you can use to help build trust.  The more they are willing to communicate with you, the more you will be able to trust them.

2.    Choose a Comprehensive Property Manager
The next thing to do is limit your possible options based upon what services they offer.  Some property managers will do little more than help renters with paperwork and collect rent.  Full service property managers and services will be actively promoting your units when they are vacant, taking care of any tenant-related issues such as needed repairs, and much more.  The more that they will take care of, the less you will have to worry about.  Ideally, you will need to do little more than have them send you payments.  While this may end up costing a little more, having someone to handle everything is well worth it.

3.    Licenses
It should go without saying, but your property manager absolutely must have all of the necessary licenses.  This will vary from state to state, so make sure that you do your research and verify that your property managers are legit.

4.    They Need to Keep You Legal
Along with making sure that they are legally ready to go, they should also ensure that you are set up as well.  For example, some things that are required to rental properties operating legally include insurance, bank account management, key holding, and property tax payment.  While you should always double check these things yourself, it is always nice to choose a property manager that will have your back.

5.    Have a History of Success
Another thing to consider when trying to select a property manager for your out of state rentals is their history of success.  To find out how effective they really are, look into their stats such as the average re-rental time.  This will let you know how good they are at getting new tenants whenever your property is vacant.  Another thing to look at is how well they determine who is a qualified tenant.  It is really easy for them to rent your property to anyone, but that results in broken leases and at lot of extra expenses.  Plus, it takes away the biggest benefit of renting property, which is consistent income.

There are a lot of tips for selecting a property manager for your out of state rentals, however in the end you have to be comfortable with your final choice, regardless of how good they look on paper.

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