When you own rental properties it can be difficult to keep up with all of them. The best way to ensure everything is handled properly is to hire someone who will oversee the property management. Choosing who this person is should be a carefully made decision. Here are some tips for choosing the best of the best.
Find A Specialist
The company you hire for your property management should employ people who already have specialized skills and knowledge of the subject. They should be familiar with applicable laws at the local, federal, and state levels. You’ll also want them to have extensive experience in communicating with both landlords and tenants.
Part of choosing a property manager is knowing which company will serve your needs the best. If you rent out residential properties, the management company should specialize in these types of properties. The same thing applies if you are renting out commercial properties.
Any company you choose should have the proper credentials and you should be able to view them. The real estate commission in the state where you live can help you with this. Interviewing potential companies should bring up many important questions they should be able to answer. This includes if their managers hold a brokerage license and what their specific credentials are.
Confirm References/Read Reviews
Any company you talk to should be able to provide references. These should come from tenants and/or clients they have worked with in the past. These references will help you determine which company will be the easiest to work with. And if personal references aren’t enough for you, turn to credited organizations for help. In most cases, the BBB can help you determine if a property management company is one you want to work with.
Striking a deal with a property management company will always include a written agreement. You should read it thoroughly before committing to working with a specific company. Make sure the agreement includes fees and provided services, the responsibilities of the owner, and the amount of time the contract will be valid for.
For more advice on choosing a property management company, please contact JHF Capital.