The benefits of property management are worth hiring a property management company.
A property manager is an essential part of your team as a landlord. Without a property manager, all tenant issues, maintenance, rent collection, vacancies, and other factors will be your responsibility. A property manager will assist you with all of these aspects of being a landlord, plus more.
Finding the right property manager is a must, however. Not all property managers are the same. Some will benefit you more than others, depending on how good of a manager they are.
Good property management can be found when you take all the necessary steps. In the guide below, you’ll learn what to look for in a good rental property management company.
1. Search for Referrals
Sometimes, the best way to find great services or companies is to ask the people you trust the most. Friends and family are a wonderful starting point when searching for a good property manager. If you know anyone who’s worked with one in the past or hired one in the past, then these are the people to talk to.
They can give you advice about who and who not to hire. These are also the perfect people to ask questions you may have. For example, if you need some advice about the pros and cons of hiring a property manager or if you want to learn more about the benefits of using a property management company, then your friends and family members with experience can help.
If you have a few different referrals, you can then begin more intensive research on those specific referrals to help narrow down your options until you find the best one for you.
2. Schedule Interviews
To help narrow down your list of potential managers to hire, you should schedule interviews with each candidate. Sit down with each manager in person to get a feel for their personality. You should also have a few questions prepared to ask them.
A few important questions to ask them are as followed:
• What’s your fee structure like?
• What type of experience and education do you have?
• What type of services will you provide as a property manager?
The manager you hire should have extensive knowledge about tenant/landlord laws on both the local and federal levels. You should be able to determine how the property will be managed and how the rent will be collected after the interview. Don’t forget to ask them about the other rental properties they manage as well.
How many other properties do they need to devote their time to, and how much of their time will they devote to yours? These answers could help you narrow down your options.
3. Ask About Advertising
As a property landlord, one of the services you’ll want to ask about is advertising. When you have a vacant home or unit, how will the property manager advertise your property and find a new tenant? They might use different platforms to post your property on or place signs in the yard.
You should also find out how long it takes them to place a tenant into a vacant unit. Can they target the right type of tenant to fill your vacancy? For example, if the manager is only used to working with one-bedroom units, will they know how to fill a single-family home?
4. Understand the Contract
When you work with a property manager, there will be a contract to review. Do make sure to review the entire contract and understand all the terms before signing. You should know how to get ahold of your manager, and there should be several ways of doing so (email, phone, or something else).
Do some research and know what a fair fee is for their services. Don’t simply hire a property manager because they have the lowest fee. If you’re not happy with their work, can you back out of the contract within a certain amount of time?
Take the time to read through each contract and know all the details before making a final decision.
5. Visit Their Current Properties
A great way to determine how well a property manager takes care of their properties is to visit their current ones. As you visit their properties, be on the lookout for signs of poor management and good management, such as the cleanliness of the property and the condition of the property (needed repairs).
If you run into tenants while there, then you can ask them about how the property’s managed and what they like and don’t like about how the property is maintained. This will give you a good idea about what to expect at your own property.
6. Conduct a License Check
In order to show vacant units, most states require a property manager to have a proper license to do so. This might be a real estate broker’s license or a property management one. You should check with your state to determine what type of license is needed and to determine if their license is active.
There are also other certifications they can earn by completing training programs for continuing education. If the property manager has any of these extra certifications, then this shows you how committed they are to their career. A great property manager, such as one from Alpine Edge Property Management, will have all the required licenses and certifications.
7. Research Them Online
One of the last things to do is research them online. Look up their website and social media accounts if any. Check out the website to determine how legitimate the management company is.
This is also the perfect time to check online reviews. Don’t forget to check the Better Business Bureau for more customer reviews, ratings, and possible discrepancies.
You Can Find Good Property Management Today
Good property management can mean the difference between a wonderfully run property vs a poorly run one. It could also be the difference between a stressful situation as a landlord and a stress-free one. Luckily, you’ll be able to find great property rent management by following the advice listed in the guide above.
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