When you are faced with inept property management, suddenly the new multifamily investment you purchased doesn’t shine soo bright. Here’s seven proven strategies for hiring your next property manager to garner peak returns.

#1

Make sure the property management team is familiar with your neighborhood. When you choose a property management team that specializes in your community, you’ll receive the best return on your investment.

#2

Ensure quality communication is in place. It’s always going to be more enjoyable for you to manage your property management team when the communication is straightforward and transparent.

#3

Make sure the property manager has sufficient contacts and a solid understanding of pricing maintenance requests.

#4

A quality property management team can cut your vacancy rate in half. It’s worth the time to check referrals and ensure they have the experience necessary to deliver what they promise.

#5

Check out properties they manage. Make sure you’re pleased with the exterior aesthetic of the buildings they manage.

#6

Ask a lot of questions about the process. Make sure the team walks you through what to expect each month, how they field maintenance requests and how they screen tenants.

Managing rental property well is the lifeblood of any solid investment strategy and key to growing a strong real estate portfolio.