It’s hard being a rental property owner if you’re taking on all of the responsibilities yourself. But it can be even more confusing when looking for a good property management company to help you manage your rental property.
Sure, there are some great management companies available… but how to do filter them out from the not-so-great ones? And how to do decide which company is the best for your needs and your property? Here are some tips to help you find a manager who is just right for you:
In this article:
Be Careful When Comparing Prices
When comparing companies, pay close attention to their costs. It can be tempting to lean towards a property management company that offers lower management fees, but if you look closely, you’ll see that those costs are often made up in a different area, such as in rental fees. Take a good look at each company’s proposals and contracts so you don’t miss important details like this.
Also, remember that often get what you pay for. Most of the time, if a company is charging a higher rate, there’s a reason for it—such as more experience or a better track records with renters. These details can end up being more than worth that extra cost.
You might not be able to take everything into account, but carefully consider your pros and cons of each company before making snap judgements about price.
Pay Attention to Experience Level
Get a good feel for the level of experience the company’s employees have. Are they familiar with the area where your property is located? Do they understand any laws specific to that location? Have they managed other properties in that area? How do they plan to deal with emergencies?
Also, ask the company lots of questions about their history and how they interact with their renters. You want to make sure you aren’t dealing with unnecessary complaints from tenants down the road.
Check Them Out—In Person and Online
Go to the neighbors currently managed by the company and take a look around. How well do they seem to be taking care of their renters? You can also speak to existing renters for references.
Also, look online for reviews. If it’s a big company, there will likely be a good amount, but even if there are just a few, they might tell you something. However, do remember that disgruntled customers are always more likely to write reviews than happy ones, so take the good and the bad into consideration.
Looking for the best property management company can be a tedious process, but doing your research beforehand can save you a lot of stress down the road.