So you’re looking to downsize but you haven’t been able to sell your house, or maybe your job is about to transfer you across the country and you want to keep your dream home or maybe you’ve lucked upon a mortgage deal you couldn’t pass up and now you’re trying to figure out what to do with it. You want to hire a property management company to handle the odds and ends, but where should you start? Here are the top ten things you should be looking for:
1. Tenant Screening-The most important service a property management service can provide. This can eliminate many future problems and lower a real estate investor’s risk.
2. Staffed Maintenance Department-All staffed maintenance employees should be insured and should be thoroughly screened to insure the work being charged for is actually being done. A plus is finding a company that is large enough to have a fleet of sub-contractors available at their disposal that they work with and trust.
3. Experience - Residental property management takes a level of experience not taught in real estate licensing schools. Every situation is different and being able to handle issues moment to moment is key to being an effective real estate Investment Manager.
4. Time in the market – gives the advantage of knowing the real estate rental market thoroughly to more effectively price market and rent your investment!
5. Large marketing platform - It makes a huge advantage over the competition to have a large volume to be able to advertise your home in more places so it is seen and gets rented. A website is very user friendly for potential residents to find and apply for a home they are interested in.
6. Communications - Does the property management company use smart phones, email and social networking as a few of many tools to be able to service clients and residents, answer questions and handle emergencies quickly and efficiently? You’ve got to keep up with the times!
7. Good Standing With the BBB - A proven track record of having resolved problematic issues shows that the company cares enough to address concerns and satisfy all parties involved.
8. Knowledge – Are you confident in what the property manager explains? Can they clearly define what services they offer? Are they proficient to handle your investment property?
9. Varied Portfolio – Does the property manager hold renting a one bedroom apartment as important as a six bedroom estate? A varied portfolio showcases the skills of a property manager.
10. Accounting – Can the property manager handle the financial details of your investment? You will need to consider repair costs, maintenance fees and other miscellaneous items as well!
Keep these tips in mind when considering a property management company!