Recommendations To Help You Choose A Property Management Professional
Posted on: 17 February 2022
As a rental property owner and a real estate investor, there are a lot of tasks you handle on a regular basis to keep your rentals in good shape but to also seek out new investment opportunities. A large part of your workload consists of property management tasks that you can delegate to a professional management service company, that will actually specialize in the service and can handle it potentially more effective than you. The following provides you with some information to help you choose the right property manager for your rental units.
Ask For References and Recommendations
When you are looking for a property manager for your rental properties, it is helpful to ask others who are in the industry for a professional recommendation. If you know other investors or are involved in a real estate investment club, you can usually inquire about some recommendations from other property investors. They will have used their own property management company, and they will know, for example, which companies provide great service, pay their rent cash flow on time, and communicate with you each month with a rental statement. If you talk to an experienced property manager, they can usually tell you which property management companies are great and which ones are not so great.
It is also helpful to ask a property manager for professional references that they have with past and current clients. When they provide great service for rental properties, their property owners should want to share that success.
Ask Questions
In addition to asking a property manager for references, you should also ask them what type of work experience they have. Get to know what types of management they handle and how many units they service currently. You can also find out how long they have been working in the property management business and some of their statistics. For example, ask them their vacancy rate currently and what is the average time frame for renting a unit. Then, be sure to find out what type of screening process they administer to an applicant and how quickly the processing time for an application is.
You will also want to ask a property manager what types of staff they have, specifically with maintenance crews that are trained in HVAC, plumbing, or electrical, and if they work with a particular commercial service professional. Evaluate their services based on the presence of a website, which can provide rental listings and help tenants pay rent online, and also request a maintenance order if they need a repair completed.
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