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What to Look for and How to Find a Property Manager

What to look for in a property manager could really depend on the type of property you wish someone to manage.

By: Jaime Raskulinecz

If you have a single unit such as a condo or single family home you may not find a larger property management firm that is willing to take on a single unit. A good place to begin is with a local real estate brokerage firm to ask if they have a property management division.

Many of these firms will handle property management for single units. The benefit to using this type of firm is that they are licensed by the state and will typically have insurance coverage to protect you. This is important as they will be collecting the rent from your tenants and paying the expenses for the property. Another benefit is that they
are likely to know the marketplace and should be able to help you set a reasonable rent, have an active rental office office and may be very helpful when the time comes to sell
the property.

If you have a larger property, you could start to look for local firms that specialize in property management or have a larger property management division. Depending
on your state, these firms may also be required to have a real estate broker’s license. This is true for property managers in NJ, NY and CT. These firms should also have insurance coverage that includes bonding. Being a bona fide entity with experience, having a state issued license and having the appropriate business insurance are the minimum criteria to look for when choosing a firm to manage a property.

A personal referral is a good way to insure that you are contracting with a reputable firm that does a good job. Ask other investors in your area who they use to manage their
properties. Joining and attending local real estate investor groups can provide a wealth of  information from seasoned investors.

There are also trade groups that can provide referrals. Two such groups are the Institute of Real Estate Management (IREM), www.irem.org, and the National Apartment Association (NAA), www.naahq.org. These are the national sites for the organizations that can direct you to your local chapter and members. Both sites also offer more information on other qualifications and criteria to look for as well as educational opportunities.

Jaime Raskulinecz, CPM—CEO of Entrust Northeast, LLC Serving the states of New York, Connecticut, and North New Jersey. info@entrustnortheast.com,  www.entrustnortheast.com.

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