Rental property is an important investment in both your personal finances and your community: after all, owning rental property not only allows you collect regular profits, but also offers affordable and convenient housing to people in the area. However, if you have a busy schedule, live far away from your property or have multiple properties, this advantageous investment might seem too difficult to maintain. Fortunately, with the help of some of the top property management companies, you can save time and money while still collecting regular payments and fees. The rental property managers who work for these companies typically offer a number of services, from coordinating property maintenance to screening new tenants and collecting rent. However, not all rental property management companies are created equal: read on to learn how to make sure you are getting the right rental management service for your investments.
What Property Management Services Does the Company Offer?
Whenever you are interviewing potential rental property managers, you should be sure to ask two questions: what type of properties do they typically manage, and what services would they be performing for your property? Some rental property managers may have worked primarily with condos and multifamily units, which will be beneficial if you own that type of property, but less so if you own a house. Likewise, rental property managers should be able to handle the entire process of renting out a property, from screening tenants to collecting rent, but you will need to be sure they have a system in place to document financial proceedings and help you meet local ordinances.
What is Their Fee Structure?
Price is obviously an important consideration, but many property management companies do things differently. For example, some might collect a flat percentage, while others might charge different fees for different services. Make sure you understand how and when you will be billed before you sign any agreements.
Who Will Be Managing Your Property?
Today, many property management services will assign specific rental property managers to certain clients or properties. Check this person’s qualifications, experience, references and more, and make sure you know how the company will handle problems if this property manager goes on vacation or is otherwise unreachable. Don’t forget to check out the company’s background as well; if the business doesn’t have references, be suspicious.
How Will You Be Communicating With the Company?
How quickly can you expect the company to answer a question? How should your tenants report a problem or ask for help? Do they have a 24-hour emergency line? Once these questions are answered, you should also make sure to check how the company issues reports. Some businesses now have software that allows property owners to view their information securely online, receive updates and more. Find out how the company communicates and make sure it works for you and your properties.
Are you interested in hiring rental property managers? Start researching some reputable companies in your area today!