There are plenty of benefits of hiring a property management company who will be responsible for managing your rental units. Property managers play the role of a landlord who has direct contact with your tenants. He collects rent, arranges repairs, advertises vacant units and handles all the requests of your tenants. Choosing the right firm can make or break your business so it’s a very important decision. Today, let’s take a look at the best tips to help you with your search.
1. Getting Referrals from Credible Sources
The easiest way to find a property management company who can fulfill your needs is getting referrals from credible sources. You can start by talking to real estate agents in your area to get various recommendations. You can also ask other property owners to broaden your options. This is a great way to get legitimate recommendations as these people have already had first hand experience with those companies.
2. Researching Online
It is always beneficial to do your own research on the internet. There are various websites such as All Property Management and T-rex Global who will let you plug in your property’s size and exact location. The website will automatically generate a comprehensive list of property management companies near your area. It’s also recommended to take some time to research reviews regarding the company through Facebook or Yelp. You’ll be able to learn more about the company and determine whether or not it’s what you’re looking for.
3. Reviewing their Current Work
Take some time to review the company’s current rental advertisements. By doing so, you’ll be able to see how compelling and professional they are. Make sure that their advertisements do not involve any discriminatory statements. Seeing their ads on various places is a good sign. Having limited ads which are only displayed on free sources such as community bulletin boards or Craigslist tells you that the company may not be as credible. You can also check out if the properties the company manages are kept well maintained.
4. Choosing from a few Property Managers
Interviewing several property managers will allow you to compare their strengths and weaknesses. Similar to screening potential tenants, you should also screen several property managers. This process will allow you to determine who you’re most comfortable with working as well as the person whom you can trust. It will also allow you to pick the manger who is most knowledgeable about his duties and responsibilities.
5. Reviewing their License & Certification
Both property management companies and property managers are required to have a license. This serves as their official certification which entails that they are qualified to show vacant apartments to potential tenants. It’s always good to check their brokerage license to see if it’s still active. Being certified with trade organization is also a good way to check their background and expertise. Examples of this are the National Apartment Association, Institute of Real Estate Management and Community Associations Institute. Having a certification from any of these trade organizations lets you know that the property manager is fully committed to their job.