Owning a rental property and managing it can be a challenging yet rewarding task. The responsibilities can be overwhelming at times though and it can quickly become a full-time job. However, if you do rent property and you like living with fewer worries so you can get back to the important things in life, then you just may want to consider having your property managed by a professional property management company. Having your rents collected in a timely and accurate manner can relieve a lot of unwanted stress, like dealing with residents, finances, or repairs. Of course, if you happen to own a rental property but do not live in the same area or State, that is a good reason too. Of course, there are a few things you may want to consider before finding the perfect property management team, just so you can avoid any problems.
What Can You Do For Me?
You want to make sure that your property management company will always have your best interest at all times. First, you need to find out their fee to manage your property, current rental market, and if they keep a reserve in your account. You may want to ask how many properties they manage and their current vacancy rates. You need to ask questions to find out how they handle typical situations. Such as, a tenant not paying rent, how quickly they fill vacancies, maintenance problems, maintaining curb appeal, or how you will receive your money. You need to be certain they will contact you before the work is done, and send you all receipts of any work done on the property. You should also make sure that you will receive an owner report frequently for your records and tax purposes. You might want to casually ask them what makes them stand out from the rest.
Honesty is the Best Policy
The management company should always be honest with you about your property and what they can do for you. If you ask them any of the aforementioned questions and they do not answer confidently, then you should be leery. If they don’t give you realistic figures and answers, then this may be a sign for you to politely excuse yourself, and seek assistance elsewhere. Remember truth requires no embellishments; it is dishonesty that is dressed in pretty words and confusing figures.
Hey, Where Are The Happy Customers?
Whether you were referred to the property management company or not, look for customer satisfaction. If this business has been around for some time, they should have some happy customers somewhere. Even if they are a new company, they should still have a few. Perhaps you could find them on yelp, or maybe they have some testimonials on their website, Google, or at their office. If they treat other customers well, then it is more likely that they will treat you well too. If you follow these tips, they should relieve you of some stress that may be haunting you. But if it doesn’t, at least you are better prepared to make the right choice.
About the Author
Thomas Jay is an article writer for Rank Executives. Thomas is a rental property owner and uses Incentive Properties as his property management company.