Updated April 5, 2021
It is much easier for any landlords or homeowners to maintain their rental properties or vacant properties if they have the help or support of a professional property manager or management company. But, when choosing a professional property manager, you want to hire the best management company with good referrals and strong experience.
Here are 10 tips for you to choose the best property management company.
Get Referrals from the People You Know
Word of mouth always works whether you are looking for a product or service. This is a great way to find the best property management company for your rental property. But, beware the person you are asking for a referral is not the agent or associated in any way with that company. So, it is good to get referrals from different sources to determine the best property management company in your area.
You may find several referrals, but it is always a good idea to do your research. The internet is a great place to find almost everything. You can search online for the best property management company; Google will show you a list of the best companies from which to choose. You can browse their website to see how long the company has worked in the industry and their expertise. Shortlist the company names that match your requirements.
Schedule Interview with Shortlisted Companies
You can search online for the best property management company, but it is best not to hire a property manager or property management company just based on online research. It is necessary for you to meet the property manager, discuss all your requirements, and learn about the companies’ views. Personal meeting reveals many new aspects of the company and its services; you will also learn about its terms and conditions. And it becomes easier for you to make the right decision based on your findings from these meetings.
Check Out Their Current Work
It is important to hire an experienced and skilled property management company with expertise in handling the type of property you have. Ask how many properties and areas of coverage the property manager controls. This will help you to decide that the company can handle your property.
Check Their License and Certification
Before you hire a property management company, you must check their license and certification. A property manager or management company must have a real estate broker’s license or property management license to show any vacant properties in some states. You will have to check with your state’s Real Estate Commission to see if their brokerage license is active.
Property Managers Level of Care
The property managers must take care of your property. After all, this is the reason you are hiring them. But at the same time, they should care for your concerns and demands of the services you expect from a management company. Ask them about property inspection. How often they inspect a property? Ask if the company has a specific schedule regarding property inspection, inside and out. Make sure they will send you a copy of the report after each inspection has been completed.
How They Handle Vacancies
Vacancies are a big headache for any homeowner of a rental property. Some management companies charge a fee for the total number of units, while others do not charge a fee for the unit that remains vacant. So, it would help if you asked how the company will handle vacancies. How and when they will show the vacant property to the potential tenants. Do they show the property on weekends also or only on weekdays? Where will they advertise the property? How do they determine the new rental rates? Etc. These questions will help you to know how the company will look after your vacant property.
Learn About Their Tenant Screening and Rent Collection Methods
It is important to thoroughly screen the tenants before hiring them for the rental property. One of the two primary concerns of yours being a landlord is selecting a good tenant in your property, and the other is timely receipt of monthly rents. You should check out how the management company handles these tasks, as they are both pillars for you as a landlord.
Check Their Management Fees
Of course! This is one of the most important factors that you must check while hiring a property management company. Before you decide, you will have to know your budget – whether or not you can afford to hire a property manager. So, ask their fees or charges.
Examine the Management Contract
If you are hiring a management company, then you will have to sign a contract, which clearly defines the responsibilities of the property manager and property owner as well. Thoroughly go through the contract and read each and everything mentioned on the agreement, like sections on services provided, extra fees charged, the owner’s responsibilities, and compliance with fair housing laws. When choosing the best management company for your rental property, it is very important to look into all the points mentioned above while interviewing the management companies. This is an important decision for you as landlords so, follow these tips to make the right decision for your rental property.
About the Author: Monali Swain is a professional writer and currently serving her skills to a company, i.e., Pioneer Enterprises LLC for property management in Baltimore.