24 percent of people who do not have property management were searching for a company, as of 2016. While hiring a property management agency can take a lot of stress off your plate, it is vital that you find a reliable company to help with your real estate investment.
Do you want to learn how you can find the right property manager for your rental property? Keep reading this article!
1. Ask Other Property Owners
One of the first things you should do when looking for a property management company for your real estate investment is to ask other property owners for recommendations or referrals.
Do you have local friends or business acquaintances who own a rental property? If they have found a reliable company to do work with, you can reach out to the same company! In fact, using word-of-mouth marketing is so helpful because you can find information from people you trust.
If you do not know any local property owners, you can also consider asking your real estate agent. They are well connected with local companies and may be able to find you a reliable company to work with.
2. Check Out Online Reviews and Websites
If you have a few companies that you are interested in working with, you want to make sure you check out their websites and online reviews before you make any final decisions. Checking online reviews will help you learn more about each company and will show you how they do business with their clients.
Looking at their website can also help you identify whether or not they are a professional company with an easy-to-use website. You can also make sure they offer the specific services you are looking for and you can try to find more information about pricing on their site.
3. Do an On-Site Visit
Before you sign a contract with a company, you should do an on-site visit to one of their properties. Meeting with them face-to-face will help you find a company that you click with and that treats you with respect.
Doing an on-site visit can also give you a glimpse into how the company runs its business and will allow you to evaluate the property manager that will be in charge of your property.
Take this opportunity to look around the property and see how it has been maintained! Is there trash or debris on the property? Do the buildings need repairs?
If you notice any red flags with how the property has been managed, it is best to find another company to do business with. You can also use an on-site visit to learn more about the property manager! For example, you can ask them more about their experience managing properties and for more information about their past work.
You can also ask about their licensing, service areas, and any other questions you may have.
4. Learn About Additional Property Management Fees
Next, you should make sure you learn more about additional property management fees. There are several different components of the fees you pay for property management.
For example, many property management agencies will charge a percentage of the monthly rental value for your property. This means you will have to pay a portion of your rental income to your property manager.
Other fees may be charged for maintenance services, late payments, and even vacant units. Make sure you learn about all the hidden fees that are not included in your base price for property management.
5. Understand Property Management Agreement
The property management agreement is a contract between your property management company and you, the owner. There are many things that should be included in a property management contract.
First and foremost, make sure it lists all the services that your property manager will be performing and what you will pay for these services. You also want your agreement to clearly state what your responsibilities are as the owner of the property.
Another important aspect of your agreement is a termination clause. This shows when the property manager and the property owner are able to end the contract and for what reasons.
Although there are many other things you should include in a property management agreement, make sure you read the fine print before signing a contractor. It is also a good idea to have your lawyer look through this for any hidden phrasing or unclear terms.
6. Check Licensing and Insurance
Finally, you need to check the licensing and insurance coverage of a property management company.
Most states require a property manager to have a real estate license or some type of property management license. There are also other certifications that can be helpful for a property manager.
Having good insurance coverage is a vital quality of a good property management company. At the bare minimum, you should hire a company that has general liability insurance. This will protect your tenants and your company in the event of an accident.
It is also helpful for a property manager to have property casual insurance and other policies to protect your business.
Find The Best Property Management Services Today
When you are trying to find someone to manage your property, you need to find a property management company that is professional and reliable. By following each of these tips, you can find the best property management services!
If you are looking for property management in Memphis, TN, Reedy & Company can help! We have a wide range of specializations and local knowledge, so we can give you the best property management services for your business or other institution.
Contact our team today to learn more about our services and to see how we can help you manage your property.
