Landlords and rental property owners – Managing your personal rental property can be a very time consuming and stressful job. If you don’t want the added stress or simply don’t have the extra time to constantly deal with tenants and other responsibilities, hiring a property management company or a property manager to do the work for you is definitely the way to go. Finding the right company or manager to manage your property is of the utmost importance, so here are a four tips to make sure you hire someone who can manage your property effectively and help you save time and make money in the process.
1. Research Potential Property Managers
Doing extensive research on different property management companies is basically a no brainer. The best place to start your research is online. Searching through various companies can help you weed out the ones you are most interested in. After you have found a few appealing property management companies, the next step would be to call them and ask them any questions you may have. How the company deals with you on the phone will reveal how they treat their customers and tenants for the clients they manage. If you like what you hear on the phone you can then ask to set up a meeting and see what that particular property manager can do for you. Standardize your search by asking the same questions of each candidate and making sure you’re getting quantifiable answers.
2. Ask the Right Questions
Dan Wilhelm of 3optionsreality.com advises to ask a property manager specific questions such as how the maintenance of property is handled, the marketing resources they have available to promote your rentals, and the quality and number of people on their service team. Do they have a good reputation that will give them purchasing power so you will save on things like apartment insurance and utilities? How are security deposits and other financials handled? Also, you should make sure to ask for references from current customers of the company. A property management company can offer resources that you may not have access to, so do your best to find out what they can offer you and whether you can trust them or not.
3. Observe Responses
How a property management company treats you on the phone and in face-to-face meetings is often how they will treat their current clients’ tenants. Beware of a company that seems like they don’t have enough time for you or are unprofessional in their communication. Suncoast4rent.com suggests some red flags that you can observe in your communication with a manager, including a lack of expertise, a lack of familiarity with the property, a feeling that they are just telling you what you want to hear, and a staff that seems to be unavailable when you need them.
4. Tell Them Exactly What You Need
In an article featured in Ezinearticles.com, Elaine Bernabe says to “make it a point that whoever you hire must be able to handle problems that he may encounter daily including the rent collection.” If you have a certain way of managing your property that has been successful for you in the past, see what a potential manager can do to run your property in a similar way. If you feel they are unable to run your property effectively, it might be best to look for another property management company. On the other hand, a competent property management company might be better equipped to manage your property and often have ideas and resources that you simply don’t have. Additionally, good property managers often have more effective management strategies and can offer you discounts on important necessities like apartment insurance.
Property management companies and property managers that are adept at their respective work will bring in good source of income. If you have invested in the rental property, hire the best property management companies and property managers.
Landlords and Rental Property Owners – Four Tips to Hire the Right Property Management Company and Property Manager is brought to you by TReXGlobal.com, maker of the world's easiest Property Management Software.