Are you interested in joining the 11 million people in the United States doing the rental property and property management investing strategy? If so, you have your work cut out for you. Managing property can be challenging if you don’t do it right.
That’s where a property management company will help. The question is, how do you find the right management firm?
You can’t risk making the wrong choice when choosing property managers. Keep the five factors below in mind when picking someone to maintain your properties.
1. Verify Experience
Property management experience is essential for any management company you work with. If you find a new company that has never managed property before, how can you trust them to do things right?
Look at how long a company has been in business before talking to them. They should have at least a year of experience and plenty of clients to back up that experience.
2. Management Fees
Don’t accept the quote from the first property management company you talk to. Comparing management fees with at least three companies is vital to getting the best deal.
In most cases, all companies will have a monthly fee based on your rental income to handle the property. However, there are other fees to watch out for. Some firms charge you vacancy, placement, and startup fees.
Make sure to examine the whole fee structure to find the one that’s right for you.
3. Maintenance Schedule
Your property is going to wear down. There’s no getting around that fact. That means an excellent maintenance schedule is essential to keeping your property in good shape.
Your management company should handle this for you. Ask them about their maintenance schedule to see how they handle regular maintenance tasks. If someone doesn’t offer this, you might need to look at other companies.
4. Great Communication
The importance of excellent communication with property managers can’t be stated enough. You’re counting on them to take care of your property and your tenants. You need to be in the loop when things are happening on your property.
Check with property managers to see how they handle communication. Do you get weekly reports, or do they notify you immediately about problems? Think about what communication style works best for you and find a manager to accommodate your needs.
A property management company won’t always fill you in about what it’s really like working with them during your initial interview. They’re there to make the sale. They won’t give you a reason to pick another property management company.
That’s why references and reviews are critical to making your choice. A property management company like https://www.nomadicrealestate.com/great-falls-property-management/ will have plenty of reviews for you to pick from. If a company doesn’t have any reviews, they’ll be a riskier choice.
Choosing Property Managers Shouldn’t Be a Rushed
Your property manager will represent your company when they manage your rental business. The last thing you want to happen is to sign up with a bad company that doesn’t take care of your tenants. Take care when choosing property managers so you find someone that will do the job well.
Do you want to learn a few tips for managing your new business? Check out the latest blog posts to see what you can do to keep things running.