Finding the right person or company to be your property manager can be a daunting task. Whoever you hire will be managing your investment. While a good manager will ensure you have a monthly incoming cash-flow, hiring the wrong person could lead you to bankruptcy.
Here are a few tips for getting the best property management services.
Get referrals from more than one place and do an online search
Talk to a couple of real estate agents and property owners to find out where you can get great property management services. Through word of mouth, you just might be able to get some highly recommended managers. You need to remember that referrals are often biased, so it would be in your best interest to gather information from different sources.
You can take it further by doing our own online research. Look for property management company websites and see how much they offer. Use social platforms like Yelp and Facebook to see the reviews these companies have so far. If you get a company that came highly recommended through referrals and also has high reviews online, then definitely keep it at the top of your list.
Look into their client history and portfolio
Find out the number of properties the company is currently managing, and also the number of employees managing the units. This will help you find out how equipped they are to manage a vast number of properties. Furthermore, ask to view some of the units so as to be sure they are clean and well cared for. This will help you measure how much attention they give to maintain of clients’ properties. Also find out whether tenants are satisfied with how their complaints, if any, are addressed.
Find out the cost of their property management services
The charges will often range from 7-10% of the rents. You, however, need to know beforehand, what the percentage is and what it will be based on. There are some managers that ask for a percentage of the total rent regardless of whether it is collected or not. This can be a challenge in scenarios where rent was not collected, something which is bound to happen at one point.
Find out whether the property management company own property
There are property management agents that own property. This could be viewed as a plus because it would mean that they understand what it means to be in your shoes as a property owner. They would probably maintain your property better. However do consider that as property owners, the company could be your competitors and work in their own best interests.
If you want to be sure that you will have the best property manager, contact Rent Appeal.