Protecting your real estate investment hinges a lot on picking the right property management firm. But the glut in property management companies in the real estate market and the entry of new ones can prove problematic. Singling out the right one can be complicated with majority of them offering the same services and making the same claims. Here are some pointers for determining the best fit for your needs.
1. Get recommendations from a number of sources.
Word of mouth can be your initial clue in looking for a property manager. You can learn some of your options by conversing with real estate agents or property owners in your local area.
Lessons Learned from Years with Services
Ask for a list of the property management firms they have used in the past or are presently using. Take note of the things they are satisfied with and the things they are unhappy about.
3 Properties Tips from Someone With Experience
There can be biases in some referrals. This is the reason you are getting recommendations from several sources. A property manager or firm should be exceptional if you hear it does a commendable job multiple times.
2. Conduct an Internet search for property managers.
After hearing from others, do your own research. You can input the dimensions and location of your property in some websites and they will generate a listing of property management firms near you.
There are also company reviews you can find online that you should peruse before setting up a meeting with a property manager. Know the kind of rating the company gets and the customer complaints filed against it if any.
3. Inspect their ongoing projects.
Visit the actual realties they oversee. Are the premises clean and properly maintained?
You can get firsthand information by interviewing the tenants the property manager is in charge of. The property management should satisfy the needs of the tenants so it is important to know if they are satisfied.
You may want to know if tenant’s complaints are promptly addressed. Ascertain how long it takes for a maintenance problem to be fixed or a repair to be completed. Pay attention to the cleanliness of the building and if it is peaceful. Question the tenant if he intend to sign a new lease with the property manager and his reasons for renewal or non-renewal. Knowing the answers can aid you in your decision whether to hire the same property manager or not.
You should also ask to see samples of the kind of monthly report you would be receiving from the property management company. Include the property manager/management company’s license and certification among the things you may want to check. Check if they have a valid real estate broker’s license and a certification from a trade organization.