Realty411 Magazine Featuring Eric Counts, Credit Nerds - Page 87

Hiring and Managing Property Managers By Bruce Kellogg Has your “turnkey” property manager become unsatisfactory? Are you weary of managing your properties by yourself? Did you inherit or purchase a property outside your area, and now need a manager for it? Then read on. Searching for Candidates In large population areas there are usually many property managers, so you can begin with an internet search. Read the websites. Consider that the “minimal­looking” websites might not be as equipped for the job, and possibly less professional. For the “polished” websites, the concern is that they might be marketing­oriented but less substantial as managers. So, interview those thoroughly, as you should, anyway. . In smaller populations, there might be just one, two, or no full­time property managers. Then the best approach is to ask local brokers who does property management in the area. Often it’s an agent who sells properties and manages part­time. Don’t be discouraged by this. Some of these are very good. Organizations and Credentials There are two national organizations that are concerned with property management. The first is the Institute of Real Estate Management (IREM). This is an affiliate of the National Association of Realtors®, and it has national and international chapters. It emphasizes professionalism by presenting courses, holding conventions, and providing four credentials that require coursework, degrees of experience, and ethical practices. These credentials are: Certified Property Manager (CPM) Accredited Residential Manager (ARM) Accredited Commercial Manager (ACoM) Accredited Management Organization (AMO) These are the “pro’s”, but that doesn’t mean the others are not. Less than 3% of managers have these credentials. But, if you find one, consider it a bonus. The second national organization with chapters is the National Association of Residential Property Managers 87