Protecting your real estate investment hinges a lot on picking the right property management firm. This can be a problem with the plethora of property management companies available in the real estate market with new ones added every day. How do you tell the difference between competing organizations when most of them provide similar services and make similar claims? Below are some tips on how to find the best one for your needs.
1. Seek recommendations from various 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.
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Request for a list of the property management firms they had experience with or are currently using. Make a mental note of the good things that made them happy and the not so good stuff that left them unsatisfied.
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Some recommendations can be biased. This is the reason you are getting recommendations from several sources. If you hear several times that a certain property manager or firm is exceptional, then there is a great possibility it is true.
2. Use the Internet in searching for property managers.
The next thing to do is to use search engines for your research. Some websites will ask you to indicate the size and location of your property and they will produce a list 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. Be informed of the kind of rating the company tends to get and if there are complaints filed against it.
3. Look over their current work.
Drop in the actual properties they administer. Check if the premises are spotless and well cared for.
Talk to the tenants for some firsthand information about how the property manager operates. 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. Note how long it takes for a repair to be done and for a maintenance problem to be fixed. Pay heed to the cleanliness and peacefulness of the premises. Quiz the tenant if he intend to renew the property manager’s contract and his reasons for doing or not doing so. The answers can help you determine if you will be happy with the performance of the same property manager.
Ask the property management company also for the kind of monthly report you would be getting from them. While you’re at it, you may also want to take a look at the property manager/management company’s license and certification. They should be able to show a valid real estate broker’s license and a trade organization’s certification.