Being a landlord isn’t as easy as sitting back and collecting rent checks. Usually, it also means dealing with the ongoing duties of maintaining a property, collecting rent, and handling tenant issues consistently. Especially, in the Fairfield and New Haven counties of Connecticut.
In other words, being a landlord is a massive responsibility, and if you purchase a rental property to supplement your income, you should be prepared to either give up a huge chunk of your free time, or hire yourself a property manager. Your first few properties will be easy to maintain by yourself but as you continue to grow your patience may run thin. Here are a few tips for choosing someone to oversee your investment properties if you’re looking for a little more freedom.
Here are Top 5 Tips for Hiring a Property Manager
1. Find a Local Expert
A property manager who’s been overseeing rental units for years has likely learned a thing or two along the way, like how to effectively deal with delinquent tenants and how to negotiate with contractors when maintenance and repairs arise. It’s important to find a property manager with decent experience overseeing properties not just in general, but also in your specific neck of the woods. That way, he or she is likely to have a long list of professional contacts in the event of a property emergency. And he or she will, ideally, understand the local rental market and be well equipped to strategically advertise your property when open units need to be rented out. Personally, I have been managing my own properties throughout Fairfield, Bridgeport, and New Haven Connecticut and they all have their quirks about them. You have to know what type of tenants you’ll be attracting in these areas!
2. Communication is Key!
Communication is one of the most important aspects when vetting a potential property manager. When you hire a property manager, you’re trusting that person with your hard-earned investment. As such, that person should be a teammate who understands the importance of clear, concise, & consistent communication. In your search for a property manager in Connecticut (or anywhere for that matter!), strive to find someone who will proactively update you on a regular basis so you’re always informed about potential problems with your units or tenants. Bridgeport, CT does not have a shortage of these issues and my owners know it, but we have a mutual understanding at all times.
3. Keeps Minimal Vacancies
Vacant units are a landlord’s worst enemy. Why? Simply because you aren’t making an income on the unit. Aim to find a property manager that is efficient at filling vacancies. You don’t want a property manager who fills vacancies by offering ridiculously low rent; you want someone who can achieve that goal through solid & aggressive marketing. A responsible trustworthy property manager also attracts great tenants and does not just fill the vacancy with anyone who may not even qualify. A natural influx of New Yorkers to Connecticut (during the pandemic) has made it easy for me as a Connecticut Property Manager so there is no shortage of qualifying tenants.
4. Proficient Organizational Skills
Property managers are typically incredibly busy. They need to deal with maintenance, review tenant complaints, and maintain immaculate accounting records. Find a property manager that displays proficiency in this quality. Furthermore, there are plenty of software programs out there designed to help property managers stay on top of their responsibilities such as Yardi.com so it’s worth finding someone who’s up on that technology and uses it to their advantage. Here at Wa We Property Management, we like to use the Yardi software.
5. Research and Compare the Fees charged in your Area
Without a doubt a property manager will cost you money. But that doesn’t mean you have to overpay. Most property managers charge between 8% and 12% of the rent they collect for long-term leases (meaning a year or more). In Fairfield County, Connecticut these fees may be upwards of 12% if you are not careful. Usually, if you own a building with a larger number of units (usually 10 or more), you may get a discount. In some instances, you get what you pay for.
A GREAT property manager will interview you just as much as you interview them. We want to deal with easy-going responsible landlords that will be just as responsive. When problems arise, we can figure it out together. A GREAT property manager is looking for owners who take care of their properties as well and are willing to solve problems before they get worse.
Here at Wa We Property Management, we take pride in the properties we manage as much as the ones we own. We’re here to service the entire Southern Connecticut area. This includes Fairfield, Bridgeport, Norwalk, Stamford, Westport, Greenwich, Shelton, New Fairfield, Danbury, Trumbull, Stratford, Darien, New Canaan, New Haven, West Haven, and Milford, Connecticut. Contact us today for a quote or to discuss our services!