It’s easy to assume that being a landlord is all about collecting rents from one month to the next and smiling all year round as long as tenants are occupying your property. But that’s not always the case.
Some tenants skip rental payments, damage some property features, and may even walk over you if you’re too permissive. All that can give you sleepless nights, especially when you’re dealing with multiple tenants with a similar attitude. But you can do away with all of that by hiring a property management company. But how can you find the best one for your property?
How to find the right property management company
Here’s how to find and hire the right property management company to get the most out of your rental property:
Choose a company with a local experience
A property management company with many years of experience in managing properties in a particular area can handle the job better than any other company. A property management company with local experience understand all the local laws and how they apply to tenants and landlords. Also, local property management companies know precisely how to negotiate with local contractors and vendors to get cheaper deals for maintenance and repairs.
Communication is key
The entire job of a professional property management company revolves around communication. You need property managers that can proactively update you consistently so you’re never kept out of the loop of whatever is happening at your rental property. This is key to ensuring that you get the most out of your real estate investment.
Choose one with a strong track record in filling vacancies
Vacant rental units are considered a waste of space and property until they are occupied. Some property management companies have a strong track record of filling out vacancies within a very short time. Before hiring any property manager, ask for proof of their ability to fill vacancies as quickly as possible. If possible, ask for their strategies to make sure you’re committing to the right agency.
House visits and inspections
Professional property management companies are expected to take the lead when it comes to house visits and inspections. The property managers you hire are expected to visit your property at predetermined intervals to make sure the entire property is in good shape.
Property managers are expected to maintain a reasonable caseload to enable them to handle the various time-consuming tasks of property visit and inspections. So, chose a property management company that is capable of appropriate house visit and inspections. Ask about their house visit and inspection schedules to ensure they match your expectations.
Enquire about organization skills
Professional property management companies usually have a lot to deal with. From maintenance to rent collections, dealing with tenant complaints, maintaining accurate financial records and more. All of these require some level of a professional organization. Your best bet is to find property managers with top-quality organizational skills to help you stay up to date on everything related to your property.
Hiring a professional property management company shouldn’t affect the bottom line of your rental property. Hire a property management company that’s willing to negotiate a reasonable fee that will end up as a win-win situation for both parties. Before signing a contract with any property management company, ask about their fee structure and what it covers to ensure it suits your budget and plans.