When you decide that you want a property management team to manage your property, you should first decide what tasks they will actually oversee and whether they are cost effective. If you are away from your property for an extended period of time, do not want to deal with renters, or have limited time, a property management company may be for you. However, before settling on one, you should evaluate them in the following four ways.
Review Their Management Plan
The tasks your property management company will complete should be clearly outlined in your contract. This includes how often they will check the property for damage, whether there is a renter currently living there or it is vacant. It should also include details about how they will maintain the building and yard and what changes they can make to the appearance of your property.
When you hire a property manager, it is important that they have a clear outline of the day-to-day tasks that need to be done to maintain your property and are not only focused on renting the property. This can prevent problems such as burst pipes during the winter or an overgrown garden during the summer, especially when your property does not have you or a tenant occupying it.
Check the Prices of Similar Rentals
Whether you decide to let your property manager set the rental price of your property or you set the price, it is important that you reach an understanding of what your property is worth and what your rental-income needs are. Before you decide on a property management company, you should check out the rental prices of properties similar to yours.
If other properties are consistently listed at a lower price than what you want to ask for your property, your property manager may not be able to rent your property. You need to decide if you will reevaluate how much you expect to earn from your property or if you should keep looking for a property manager that lists properties of a similar value closer to the price you want.
Get References from Owners and Renters
As a property owner, your primary goal when hiring a property manager should be to protect your property. You want your property to remain at a similar value or increase in value over time, through intelligent improvement choices. Your potential property manager will probably offer you reviews and references from other property owners. While it is important to follow through on these, you should also ask for references from renters if you plan to rent your property.
Renters can let you know how quickly property management companies fix problems on the property, as fixing problems sooner rather than later can lead to lower overall maintenance costs. Also, the way the property management company treats the renters will give you an idea of how likely they are to quickly find reliable renters and keep your property rented over extended periods of time.
Evaluate Their Online Presence
Finding reliable tenants requires a property management company to have a professional online presence. Active social media accounts that engage with potential tenants can be a sign that a particular property management company is in touch with modern renters and will be able to quickly fill your rental. Also, a variety of potential methods for contact shows that the property management team values communication and that you will be able to reach them in case of an emergency.
When you hire a property management company, it is important to make sure they will protect your investment and acquire the rental income your property is worth. If your potential company does not meet these criteria, you may want to keep looking for one that does.
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