Hiring a property management company is one of the most critical decisions you’ll make when investing in real estate. Finding the ideal one will protect and grow your investment.
Finding a qualified property manager requires referrals, independent research, site visits, and interviews. Here are some of the ways you can find the right property management company.
Ways to Choose the Right Property Management Team
1. Get Referrals
When searching for a property management company, the most essential step is getting referrals from reliable sources. Doing this will guarantee that you are hiring the appropriate individual to manage your properties effectively and efficiently.
2. Check Online Reviews
Online reviews are an excellent way to learn more about a property management company from others. These testimonials can help you decide if the service is suitable for your needs.
To maximize the value of these reviews, it’s essential to read several and pay close attention to the comments. For instance, a string of 5-star ratings may suggest that the property manager has high standards or enjoys great trust among their tenants.
But a high number of 1-star reviews could indicate the property manager isn’t doing their job adequately. It could also indicate an issue with their team or an uphill battle in the industry (COVID-19).
To find reviews for local property management companies, search online. Be sure to claim your business and update all pertinent information so you can promptly respond to reviews and build trust with tenants.
3. Check the Fees
When it comes to property management fees, you want a company that provides the right services at an affordable cost. Doing so can help you avoid costly errors and guarantee your investment is properly taken care of.
A successful property manager will be able to provide a wide range of services, such as lease negotiation and compliance, tenant relations management, inspections, and maintenance. Furthermore, they have access to contractors and handymen who may offer discounts for their services.
Some property management companies charge a one-time setup fee for new customers. This covers their time and expenses to set up your account and purchase the materials necessary to get things started.
Miscellaneous fees or “extra duties” fees are frequently listed in a property management contract and can range from several hundred dollars to several thousand. They may cover tasks not specifically included in the agreement, like collecting pet deposits or processing bad checks.
4. Check the Experience
One of the most challenging parts of owning a portfolio of rental properties is keeping up with maintenance and repairs. A property management company can take care of this for you at a fraction of the cost, as they usually have access to qualified contractors who will do the necessary tasks efficiently and cost-effectively.
Finding the ideal property management company requires asking friends and colleagues for recommendations. Doing this ensures you will receive high-quality service with minimal hassle. Look for companies with experience who have an impressive customer service history; their brochures should show examples of happy clients.
Be sure to inspect their fees and inquire about hidden costs; this will save time and money in the long run. Above all else, only work with reliable companies in your area.