Three Ways to Identify a Great Property Management Company
If you own rental property, you will likely find yourself wondering if you should hire a rental property management company to help you run your investment. In many cases, property management companies can help property owners decrease their regular expenses, find and retain great tenants, and care for the property through effective maintenance and repairs. Unfortunately, it can be difficult to determine if a property management company is worthy of your time and trust. For this reason, use the tips below to identify the best rental property managers in your area before making a decision.
Check Their Website
One of the best ways to find property management companies in your area is by searching online to compile a list of potential firms. As you do this, make sure to carefully analyze the different property management websites you come across. How do each of these property management websites explain their services? Do they list their prices? Do they include testimonials from happy customers? Just like any other industry, high-quality property management websites can be indicative of the overall quality of the industry.
They Have Enough Staff to Properly Manage the Number of Properties In Their Portfolio
When you speak with a property manager, make sure you ask them how many properties their business currently has in their portfolio, how many employees they have, and how many units each employee manages. As a general rule, a properly trained property manager with the right resources can manage anywhere from 30 to 40 units, less if they are also handling the accounting work. If you think that the company won’t have the time to manage your property along with their other units, seek out a different company.
Inspect Their Current Work One of the best ways to judge a property management company is to see the rental properties they are currently handling. For this reason, when you think you have found a prospective firm, make sure to ask them for a list of their current properties and swing by when you have a chance. Is the property well-maintained? Are their signs advertising multiple vacancies? Would you be happy to live or own this property? If your answers aren’t positive, cross them off your list.
Are you interested in hiring a property management company? How do you plan to find the right firm? Tell us about it in the comments below!