There are more than 300,000 property management companies in the United States. That is a lot to choose from!
Hiring a property management service to take care of your premises is a good decision. However, before you decide to essentially hand over your property to someone you need to know as much as possible about that company.
If you have never hired a property management company before it can all seem a bit overwhelming. Here's a look at what you need to know about a company before hiring one.
Will They Vet Your Tenants?
Bad tenants can destroy your property. A good property management company will run background checks, and credit history checks on new applicants. They will also check the references of any tenants for your property and find out more about their reputation.
In short, a property management company is supposed to research so that you will get honest and reliable tenants for your property.
A property management company should look at all the information they have on the potential applicant and then help you to decide whether you want to rent to them or not.
One of the perks of having a property manager is that they should be able to help you ensure that your property is rented all year round. Before you hire a property management company make sure that they have extensive experience with finding tenants for your property type.
What Types of Property Do They Manage?
Not all properties are the same, some buildings are used for commercial purposes and others for residential purposes. You will want to ensure that the company you hire has property management experience with the type of premises that you own.
If your property will require specialized expertise then you have to ensure that the company you hire can provide it for you.
Once they are experienced they will be aware of exactly what they need to do to ensure the efficient management of your promises. This means that you will have less to worry about.
Will They Manage Repair and Maintenance for You?
A good property management service will ensure that your property is well-maintained. Occasionally, you will need to do repairs to the property.
You may need to upgrade to equipment, plumbing, electrical systems and even do building repairs. A good property management company will arrange to have all of this taken care of as quickly as possible so that you are not burdened with the task.
They will also ensure that they hire workers of the highest standards and that everything is done in accordance with the property laws where the premises is located.
Ideally, your property management service should have a relationship or knowledge of the best contractors and vendors in the area where the property is located. This means that they will know exactly who to call when there is a specific problem.
How Much Does the Property Management Service Charge?
You will need to pay your property management service, that's a given. However, you want to ensure that your property management provider offers you competitive rates.
The property management fees that you are charged should be at competitive rates. While good service is never cheap you want to make sure that it is affordable and within your budget.
It is always a good idea to compare property management fees to ensure that you are getting good service at a reasonable cost.
Are They Licensed and Certified?
One of the things that you cannot afford to ignore is the licensing and certification of any property management company that you are thinking about using. While some places will not require a license for this type of company, you need to make sure that a property management company at least has employees with a real estate license.
The bottom line is that you need to ensure that you hire a company with the right qualifications. This will not only ensure that your property is managed to the highest possible standards but it will also give you peace of mind.
Do They Have a Good Reputation?
While no business will ever be able to satisfy all their clients completely. Any Property Management Service that you hire should have a good reputation. This means that you need to find out what others are saying about them.
You should take the time to look at their references and reviews. Speak with some of their other clients to find out what you can expect. Some property management services may have a presence on social media.
You can go to their social media accounts and find out a lot more before you hire them. See if you can find reviews on the company.
In general, your property management company should have a good reputation. Present and former clients should speak highly of them.
Time to Hire
Now that you know all the things that you should be on the lookout for when hiring a property management service, you are well on your way to selecting a good one. Remember that you should always do due diligence before you hire any company to look after your property.
This means that you should take the time to talk to them about your expectations from them and what they expect from you no. Ensure that any company you hire has a great deal of experience with looking after the type of property that you own.
If you would like property management help please do not hesitate to contact us.