How to Choose a Property Management Company
Managing a property is never easy, which is why sometimes it can be a good idea to ask for professional help. However, finding the right property manager that will care for your property and be able to run it as you would expect, is not an easy task. The market is full of companies offering property management services so deciding which one is a good choice can be a real challenge. Is there any way to tell which one is good and which one is bad?
What to look for
Well for starters you should look at the message they try to convey and how much they invest in their branding. With this you can easily see who they really are. If you want to get a better insight on the way they operate, then you have to pay attention to the following things.
- License – you should always make sure they have verified license. Ask around or call the officials in case you have any doubts. The last thing you need is working for a company that is not legit.
- Previous experience – ask them to show you some of the properties they have managed in the past so you can get an idea of the work they did. In fact, ask them to show you even some of the current ones.
- Ask for references – There is nothing wrong in asking for contact information from previous clients. If they did a good job there is nothing to be afraid about. Moreover they should be happy to put you in touch with someone that can say a good word or two.
If the company is not willing to provide some of the documents listed above, then they are not the right company for you. Don’t believe in the excuses they give you, as no excuse is good enough. We all know that if you want to get things done, you can do them. This is just the first phase of the evaluation process. If they are able to pass this, then you can move on to checking some other relevant things.
- How they set and collect the rent?
- How do they keep the property in good shape and take care of any repairs?
- How do they handle the property inspections?
- Where do they advertise the listings and is tenant retention their priority?
- How do they manage the tenants’ funds and your funds?
- How do they screen potential tenants to ensure they are a good fit?
Once you get the answers to these questions above you can add two more just to be sure you have everything covered.
- Ask them about their property management fees and try to get things in writing
- Ask them about their property management contract and once you get it read it carefully
These questions should be part of your check list when you look for a property management company. Don’t forget that you shouldn’t go with your first choice. The best thing to do would be to contact at least three companies that have good reputation and go through all these questions with them.
Never choose the first company just because you like what they have to say. Instead check the additional two and if the first company was really good and still has the best offer then you can easily get back to them. There is no harm in confirming your initial impression. If you don’t have a company for comparison how can you be sure that others can’t offer you something better?
A clear indicator that a company is good can be the time they are willing to spend on you. If they are eager to answer all your questions and provide proof of their quality then this is a company you should definitely consider. If they don’t have enough time for you at the beginning, it is most likely they won’t have any time later. This is a company you don’t want to work with.
