Whether you have one property to manage or 100, delegating management tasks to a competent individual is a huge asset, one that saves you both time and energy. The only problem is figuring out how to find competent individuals. So what should you do when you need someone to manage a property but don’t know where to start? Here are some tips.

 1.     Look for a Licensed Property Manager: When you hire a licensed property manager, you hire someone who has taken an approved property management course and passed a state licensing exam, two steps that evidence at least some knowledge and management capabilities. Licensed property managers will not only be familiar with what goes into property management, but they will have state-regulated procedures ready for dealing with income and deposits.

 2.     Take a Look at Track Record: Before asking someone to manage your property, ask what other properties they’ve overseen and/or are overseeing. Go look at the properties and see what shape they’re in. Interview past property owners who have used this person’s services, and find out what they thought. When you pick someone backed by a solid track record, it’s much easier to rest easy.

 3.     Communicate Clearly: One of the best steps you can take with a new property manager is providing clear communication. Make it crystal clear what you expect, and find out, super specifically, what the manager aims to deliver. When you both understand expectations (about how often properties will be inspected, how you want to handle late payments, how you want to handle repairs/maintenance issues, etc.), you set up your manager for success.

 4.     Write It Down: Forget verbal agreements when it comes to weighty matters such as managing the properties you own. Rather, get your agreement with your property manager(s) in writing. In the agreement, include a clause that states what you’ll do if a manager isn’t working out (30 days’ notice, for example), which will protect you from ongoing complications.

The bottom line in hiring a property manager is the same as many other aspects of good business — communicate, communicate, communicate. Find someone with established skills and a strong track record of reliability, explain your preferences, and get everything in writing.