How to Find an Investment Property Manager in Bozeman MT
Bozeman has skyrocketed in popularity in recent years, both as a great place to live and as a breathtaking vacation destination. That popularity has led to a burgeoning property management industry, including permanent dwellings and vacation rental properties. All that competition is great for the aspiring Bozeman property investor. Below are a few tips and suggestions for how best to sort through the options and find the property manager that YOU want to do business with.
Getting started
It’s best to do some strategic planning before committing to a particular path. Are you looking to hike that trail solo, or would you value a partner that has made the trip before? Going it alone can be tempting, but there are twists and turns ahead; having a seasoned trekker along for the journey may be your best option.
What precisely are you looking for in your Bozeman investment property manager? Are you looking to invest in residential rental property or a vacation rental? Do you want full-service property/vacation rental management, or just a little help with a few specific aspects of managing your property? Whichever the case, you’ll want someone who’s comfortable with the local regulations and knows the real estate market like the back of their hand.
When you have your personal preferences nailed down, consider what criteria you’re looking for that’s specific to the Property Manager. That may include the size or business model of their company, how friendly and knowledgeable are the people you’ll be working with, and how easy is it to get in touch with them? Ask for references and find out what their current clients think of their level of service.
Now that you know what you’re looking for, make/print a list of the companies that look like a good fit, and get in touch.
Things to Ask
In general, you want to find out about the company’s experience, fee structures, and services they offer.
Below, in no particular order, are a few questions you’ll want to ask. This list is not comprehensive, but it’s a good start.
Ask how many properties the company currently manages and how many hours per week they’ll dedicate to yours.
Where and how will you be advertising vacancies for my property?
What is the average time it takes you to fill vacancies?
Ask to see the manager’s lease agreement and make sure the tenant responsibilities are clearly stated.
How much is the security deposit and what are the rental rates?
Ask how those amounts were determined and ask for local real estate comps.
Make sure you have a good idea of how you’ll be able to manage the relationship with your property manager if you think they’re a good fit.
If you’re investing in a vacation rental, you may consider the following:
How are you keeping my advanced deposit money safe?
What kind of locks are used at the home, and how do they rate safety-wise?
Are you timely and consistent when it comes to paying owners and vendors?
Where will you market my property?
Is your availability 24/7 and do you respond quickly to guests?
Precisely what are ALL of the fees my guests or I will be charged and how are those fees handled?
What to Expect
You should always expect professionalism, no matter what. Your property manager should have an intimate understanding of the local real estate market, ordinances, neighborhoods, and any pitfalls that could possibly impact your investment. Above all, you should expect integrity in how they conduct business with you, your tenants, or guests, and with the local community. They are your boots on the ground, so it’s not too much to ask for reliability and accountability.
What to Avoid
A big red flag to pay attention to is communication. If they aren’t timely or professional in their communications with you, they likely don’t communicate well with your guests/tenants, either. You must be able to rely on them, and the only way to feel good about that is if you trust what they say and are good with how they say it.
Steer clear of companies with bad reviews, shady business practices, “too-good-to-be-true” promises, or other things that set your Spidey senses tingling.
Remember that going with the biggest isn’t always the best. Often, it’s the smaller, more nimble company that can really give you the top-notch, personalized service you’re looking for.
