10 Things to Consider Before You Hire a Property Manager

Hiring a property manager can be stressful. You want everything to go perfectly! Here are 10 tips to help you make your decision.

You need to be able to trust your property manager. This is your business and your financial life that we are talking about, after all. While CoHostmarket goes to great lengths to vet and verify any and all property managers and co-hosts, there are steps that you can take to protect yourself as well. Here are ten things to consider before you hire a new property manager.

1. Have a chat first. Get to know each other.

What does it hurt to talk a little? Whenever you are considering someone for a property manager role, you should talk to them to try to learn how they view work and decide whether or not they would be a good fit for you. The chat can be friendly, but it should be pointed. Try to learn something about the person with whom you are speaking.

1. Don’t be afraid to ask probing questions.

You have the absolute right to ask questions that may seem a little awkward at the time. When you are talking to a prospective property manager, they will understand that you are looking out for your interests by asking them probing questions. It is much better to ask something difficult – like Have you run into any issues managing properties before? – than to end up in a less-than-ideal business situation.

1. Expect a strong base of knowledge.

Yes, property managers should know about property management. This ought to go without saying, but it bears repeating because you should at ease requiring knowledge of your property manager. From utility functions to service mindsets, you can require any knowledge at all of your property managers – and any education that may be necessary to attain such knowledge. You are in charge here.

1. Look at the profile carefully.

Property managers’ profiles are there on CoHostMarket for a reason – so that you can read into them and get an idea of who is on the other side. You should always read your prospective property manager’s profile in full, soaking in the information from beginning to end and overlooking no details, no matter how small they may seem. You can learn a lot from a person’s profile!

1. Look at the profile carefully – especially the references.

After you have looked at your prospective property manager’s profile, do yourself a favor and look at everything again. Then when you are done, look at the references – a third time, a fourth time, however many times it takes to read between the lines. If the references are glowing, great. If there are a few negative references, that is okay too – since no one is perfect. Try to get a feel for the quality of the property manager from the overall tone of all the references on the profile.

1. If something concerns you, bring it up.

Rather than letting issues fester and turn into problems, call them out as soon as you notice them. If anything ever concerns you about your property manager, bring it up in a clear and direct way. This is business, and you never need to dance around the subject.

1. Make your expectations clear.

By presenting himself or herself as an Airbnb property manager on CoHostMarket, the person whom you are considering has made a clear statement about the value of professionalism. Part of that value is knowledge, so if you expect your property manager to know something, stick to that expectation. If you expect a certain level of communication, stick to that expectation as well. You are the boss with regards to your property and you can set any expectations that you want to set.

1. Don’t settle on qualifications.

Before you start your search for a property manager, write out a list of qualifications that your property manager needs to have. Once the list is complete, abide by it. Unless you have good reason to settle on qualifications less than the ones you have written down, don’t!

1. Be willing to move on.

As in any negotiation, you need to be willing to move on. This is a matter of protecting yourself. If something is not running as it should or if you are less-than-satisfied with the arrangement, it may be time for a chance. As you look for your new property manager, realize that there may come a time that you need to party ways.

1. Be honest in your feedback.

Communication is a two-way street. You can (and should) expect your property manager to listen to you, but you need to offer honest, complete, and transparent feedback too. Communicating clearly is a sign of a good leader, and by communicating clearly with your potential property manager from the get-go, you can save yourself from some major headaches down the road.