When it comes to successful real estate investing, your property manager is one of the most significant and instrumental factors. A qualified property management company will protect your investment and ensure rental income is maximized.
By hiring a property management firm, you allow yourself to be put in another person’s hands. After all, the property manager you choose will act as the liaison between you and the tenant. You want to be sure the property firm you hire is accountable, professional, skilled, and accomplished.
If this seems like it’s a lot to ask for, you’re wrong. There is a high volume of property management companies to choose from and selecting the right one is a key component to success. Here are a few tips to help you find a company whose attributes will be most advantageous to your needs.
Always Check for Credentials
As you search for a property management company, the number one thing to check is if they are licensed and insured. Find out if they are affiliated with any organizations such as the NARPM, or National Association of Residential Property Managers. As a member of NARPM, property managers receive access to various educational opportunities, up-to-date information on the rental laws, have an understanding of rent values and vacancy factors, and are familiar with numerous vendors to help with any maintenance issues. In addition, make sure they’re experienced and have been in the industry for a while. Ask for references from their existing landlords and contact those owners to hear what they have to say about the company.
Are They Professional?
Regardless of the type of rental property you own, a property manager should always remain professional and punctual. When you meet, the agent should show up on time, dressed for the part, and treat everyone in a professional manner. If a property manager doesn’t meet those standards, then it’s likely they won’t be able to manage your rental unit effectively.
Are They Technology Friendly?
Technology is another huge factor to consider when choosing a property management company. In this day and age, technology is an everyday aspect of our lives; we use it for almost everything. So wouldn’t you like your property manager to be the same? It’s important to note a great property management firm will have a media-rich website, direct deposit for tenants, and property management software to track data.
Are They Readily Available?
A good property management company always keeps an open line of communication with owners and additionally, has an emergency line available at all times. This shows excellent customer service skills and implies they hope to create a long-lasting business relationship.
Always Thoroughly Read the Contract
Some property management companies tend to have hidden charges, whether it’s leasing fees or refurbishing fees, and it’s important to talk with the firm about all possible costs. These fees are fairly standard across the industry and an owner should be aware of them before signing a contract. Be sure to hire a property management firm with reasonable fees.
Above all, choose a property management company that will protect you and help grow your business. The right property management company will reflect this in their everyday operations.