Are you trying to find renters for your home, but don't want to be a landlord? A lot of people who get into real estate investing don't have time to manage the daily operations of their investment property. That's why you need to find a good property manager.
Keep reading for ten tips on investing in a property management company.
1. Find a Property Manager Experienced in the Area
You should look for a property management company that knows the area well. Their local knowledge of schools, traffic, and the economy will help them attract potential tenants. Additionally, being near the unit is useful in case of emergencies.
2. Ask About Their Advertising Strategies
When you have homes for rent, one of the most important things that property managers do is attract qualified tenants. The best-case scenario for your rental is to find a responsible, long-term tenant. With adequate property marketing, your property manager can do this for you.
3. Know How They Handle Maintenance
Maintenance can mean routine things like mowing grass or shoveling snow. It can also mean emergency issues, like leaky pipes or broken windows. Before you hire a property management company, know how they plan to handle all types of maintenance.
4. Make Sure They Are Versed in the Law
Property law can be complicated, but it is important that your property manager is well versed in it. Your property manager will be in charge of handling legal issues like evictions, landlord rescue, and eviction protection. A knowledgeable property manager can legally protect both you and your tenant.
5. Know Their Communication Style
How do they communicate with tenants? How often do they check in with them? Find these things out before you hire a property management company.
6. Ask Them For Updates
As a real estate investor, you have a right to know how your investment is doing. A good property manager will stay in touch with you and let you know the status of your property or properties. Ask them how often you can expect to hear from them about your investments.
7. Determine Their Experience Level
Experience level does not just refer to how many years they have been in the rental leasing business. Expertise in managing single-family homes might not help you if you have invested in a handful of apartments. Make sure your property manager has experience in your field of investment.
8. Know How They Collect Rent
Many property managers used to collect rent via mail check. But these days, the most efficient property management companies have an online tenant portal. Ask your property manager about how they plan to collect rent.
9. Look Into Their Reputation
Check out what previous tenants have said about your property manager via online reviews. Of course, you have to take online reviews with a grain of salt. But bad reviews can scare away qualified tenants, so make sure your property manager has a good reputation before you hire them!
10. Consider Pricing
Pricing should always be a concern. How much does your property manager charge you in comparison to other property management firms in the area? Remember, it is worth paying more for services like tenant screening and leasing management.
Keep Track of Your Investment with Expert Property Management
Property management is the best way to protect your real estate investment. But you don't want to pick a property manager blind! The above ten tips will help you invest in the property management company that is right for you.
Our team at Pristine Property Management can help. Click here to contact us today!