The time has come and you need a good property management company. The right company will not only be professional but also well-established with a solid reputation. Turning over your rental properties to a property manager is a big step. You want to make sure you get it right.
There are several things to look for in a property management company. When you’re ready to hire a new company or your first property manager, here are some of the things to look for before making the final decision.
Well-Established with a Great Reputation
Today’s world makes it so easy to discover the true reputation of a company. All you have to do is search online using the Better Business Bureau and a few other sites to find out if a company has a good reputation or a less than stellar reputation.
Take the time to do your research. Read reviews online and check out the property management company you’re considering before pulling the trigger.
Proven Tenant Screening Process
Maybe the most important thing a property management company does for you is screen tenants. If they don’t have a good screening process, however, you could end up with a bad tenant. It only takes one bad tenant to create chaos.
Any property management company worth hiring will have a good screening process. They will know how to find good tenants and weed out potentially bad tenants. The screening process should include:
- Background Checks
- Reference Checks
- Employment/Income Screening
- Credit Checks
They should also be able to screen tenants while also adhering to strict anti-discrimination policies.
Vacancies are Short
Asking a potential property management company about their track record with vacancy periods will tell you quite a bit. Long vacancies cost you money. Your property management company should keep vacancies to a minimum and the periods of vacancy should be very short.
Proper Licenses and Certificates
Depending on the state, your property management company will likely need a real estate broker’s license or a property management license. This is necessary to show vacant properties and you want to make sure they have the proper credentials before hiring.
A Decent Client Base
Property managers without any or very many clients could be a sign of trouble. They may not be able to keep tenants in units and they may be lazy or disorganized.
You want to hire a property management company with plenty of clients as this shows they are competent and capable of delivering the services you need.
The policies a company uses will tell you quite a bit about them. When you want to hire a good property management company, look at their policies. They should have policies in place for many things, such as how to handle major repairs or collect past-due rent.
When you start looking for a property management company to hire, Suncoast Rentals offers a solid choice. We provide years of experience with the ability to handle all your properties. Make sure to do your research and properly vet any company you’re considering hiring before signing a contract with a new property management company.