Hiring a property management company makes managing multiple properties easier.
From looking for tenants to collecting the rent to keeping the property in the best shape possible, a property
management company does it all for you.
Considering the level of reliance that a landlord has on a property management company, it is essential
to ensure that you’re making the right choice when it comes to a property management company.
1. Get Referrals from past clients
Word of mouth holds immense importance. A company that has a good reputation in the market is
usually the best option. Ask around your friends and people whose opinion you can trust to check
how a particular property management company is at their job.
2. Check Reviews Online
Look for property management companies in your area. Once you’ve shortlisted a company, browse
the internet and go through the reviews that the company has received. The better the reviews, the
more reliable the company will be.
3. Arrange Meetings
Never hire a property management company without meeting them in person. Once you’ve
shortlisted some companies, arrange meetings, and discuss your requirements. When you meet
company personnel face to face, many aspects are revealed. You also get to understand what their
terms and conditions are. After the meeting, you’ll have a better understanding of how the
company operates and whether it meets your requirements.
4. What Fee The Company Charges
A property management company shouldn’t keep any charges hidden from you. One of the first
things that you should discuss with a property management company is its fee structure. Before you
settle on any company, you should be in complete agreement with the terms of payment. Take
prices from multiple property management companies, compare the rates, and settle for the one
that gives the most reasonable offer.
5. Inquire About How They Manage Vacancies
You should know how a property management company manages vacancies. As a property owner, a
vacant rental unit can be a headache. Some property management companies do not charge a
property owner if a unit is vacant while others charge for the total number of units that you’ve
registered with the company, whether occupied or vacant.
How to they do their marketing? Some property managers do marketing better than others, and you want to make sure you are working with a company that takes this seriously and invests in proven marketing strategies that get results and help rent out properties faster.
6. Ask Them How They Screen Tenants
Tenant screening is extremely crucial. You can’t afford to hand over your property to someone who
has a shady background or someone who hasn’t cleared their credit histories. It can be daunting for
you as a homeowner to look after everything. Therefore, before you close the deal with a property
management company, ask them what techniques they employ to screen any possible tenants.
7. Learn What Rent Collection Methods They Use
As a landlord, your primary concern will be how regularly and smoothly the rent is collected every
month. Hiring a property management company means that they’ll be responsible for the timely
rent collection. Inquiring about how they go about collecting the rental receipts is a prerequisite to
choosing a property management company.
Your tenants can face emergencies at any time. The property management company must be
available to cater to their emergency needs. The property management company should have their
services readily available round the clock!
Keeping all these important factors in consideration will help you make the right choice when it comes
to hiring the best property management company for you. Feel free to reach out to us if you have any questions or suggestions we forgot in this list.