Landlord's have many different ways of locating a property manager for their rental unit, so here are few good tips if you are in the market to find a property manager. Feel free to ask any questions and check back periodically for more helpful property management advice:
1. Decide what kind of management style you prefer, up front. There are small, service based companies with 100 units or less, medium sized ones at 250-500 units, and giant ones with 1000 units or more.
2. Make your decision based on your own research, not on the amount of advertising dollars spent by the company in question. Big ads mean lots of money spent to attract clients, but say nothing about that company's ability to keep their clients satisfied.
3. Ask around. Talk to your real estate agent, your mortgage broker, etc. about whom they would recommend in the industry. Some of the best, most reliable services are backed by "word of mouth" referrals.
4. Know EXACTLY who you are dealing with. Just because a "company" has 20+ years of experience does not mean the owner of that company will have ANY involvement with managing your rental property, and many larger companies hire inexperienced trainees to cut costs and improve profit margins.
5. Your rental dwelling is a valuable asset, so STAY INVOLVED. Make it a point to perform routine "drive-by" inspections at least once every few months, or make sure the company you choose will do this for you. Better yet- get it in writing.
6. Beware lengthy contracts. If a management company has the skill to effectively manage your Sacramento or surrounding area property(ies), they should have no need to lock you into a long term contract. Insist on a month-to-month agreement with the manager.
7. Watch out for traps (hidden fees). Read your management agreement carefully. Watch out for cancellation fees. Ask for clarification on anything that does not make perfect sense, or get a third party non-biased opinion of the contract and it's terms. The problem with most lengthy management agreements is that the company has the ability to charge you for 6-12 months of management even if they fail to lease out your property.
After almost 16 years in Property Management, I have come to know the qualities that go into a successful Landlord/Manager partnership. For diligent, focused effort on your rental unit(s), consider Investors Choice Property Management. Visit us online at http://www.investorschoicepm.com and find out what we mean when we say "Experience Property Management the Way it Should Be".
Thomas R. Martin
Broker, ICPM
(916) 770-9707 Work
(916) 722-2121 FAX
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