Managing a rental property can be strenuous. From collecting rent to planning for maintenance and inspection, screening tenants, and advertising the property, it is not always a walk in the park. Fortunately, a property management company can take care of these tedious and time-consuming tasks giving you more freedom, and peace of mind.
A management company can make or break your real estate investment, making it vital to choose the right one. If you want a company to manage your property, discover five tips to help you on this journey.
1. Look for Specialized Experience
The property management industry is getting complex by the day. As such, you need a company that is well versed in the industry and can handle the issues that come with tenants and properties. A qualified company can offer valuable insights for improving your property and positioning it as a top choice for tenants.
Also, choose a property management company with extensive expertise and experience managing your type of property. For instance, if you have a residential property, a company specializing in commercial properties may not be ideal. Notably, be cautious of real estate agents that masquerade as property managers.
2. Check Reviews and References
In the current internet age, you can easily see what others think about a specific business. In the case of a property management company, you can read reviews on Yelp and Google Reviews to see what other people say about it. Reviews can help you make an informed choice to work with a company or not.
Apart from reviews, ask the company for references from current or past clients and tenants. Talk to these references to get valuable insights into how the company manages properties.
For clients, you can ask whether they respond to inquiries on time, send checks promptly, perform proactive maintenance, or charge reasonable fees. Talking to tenants can help determine how the company maintains the property, addresses maintenance issues, and relates with tenants.
3. Good Customer Service
Picture working with a property management company that is never available to answer your queries and concerns. Ensure that you settle on a company that offers excellent customer service. You likely want a company that updates you on your property’s progress and current market and rental rates. Good customer service should also extend to clients to keep them happy and reduce vacancy rates.
4. Read the Agreement
Most property owners make the mistake of signing the property management agreement without reading it. Remember, the devil is in the details. Read the contract carefully and identify any clauses that need amendments. Ensure that it covers all the things you need. Most agreements include:
- Services and fees: Typically, property management services include collecting rent, marketing, filling vacancies, handling tenant needs, or taking care of move-outs and evictions. All fees, including repair and maintenance fees, should also be outlined in the agreement.
- Owner responsibilities: Ensure you are comfortable with these obligations. You can assign them to the company if needed.
- Contract duration and termination: The agreement should stipulate the contact’s tenure as well as breach of contract and termination.
5. Evaluate Several Companies
Do not settle for the first property management company that comes your way. Interview several companies to determine the one that best meets your needs. Consider the following as you assess these companies:
- Compliance with regulatory obligations
- A good reputation online and offline
- Qualities such as accountability, responsiveness, and professionalism
- Number of properties under management
- Membership to professional bodies and associations
Using a property management company is beneficial. You get high-quality tenants, fewer legal issues, shorter vacancy periods, and more efficient rent collection. Also, such a company increases the value of your property through preventive maintenance and solid counsel.
With so many property management companies in the market, choosing the best one can be hard. The above tips make it easier and stress-free, and you choose a company that protects your investment as if it were theirs.
Contact Southern Property Management Group, LLC, for professional HOA and condominium property management. We take pride in delivering results, being responsive, and working with clients to protect their assets.