If you are considering taking the leap from homeowner to landlord, you should first consider the option of using one of the many property management companies that exist to make your life easier. Property management companies serve as the middle man between landlords and tenants and alleviate much of the stress that inevitably comes from renting property. There are many important things to consider when choosing between property management companies, to ensure you are getting the best service available.
Customer Service
When you call up property management companies, pay close attention to their customer service. Not only will you be dealing with the company on the regular basis, so too will your tenants. You don't want to choose a management company that you don't feel you can communicate with. When you consider customer service, include the promptness with which they reply to your inquiries as well as the friendliness of the employees.
Company History
How long a management company has been in business can say a lot about how reliable they are, though you shouldn't base your decision solely on this aspect. For the most part, a company that has been around for a number of years, and has been known to provide excellent service for that amount of time, is a good company to choose.
Interview Them
When interviewing property management companies, ask about the types of properties that they have managed in the past, and how long they have been managing the type of property that you are leasing. In addition to the history of the company, consider the amount of experience possessed by the company's employees. This is another important factor in determining how your experience with the management company will be.
Fees
When you hire a property management company to serve as the liaison between yourself and your tenants, you want to be sure you're getting the best possible property management services for the money. The services a property management company provides can range from ala carte to an all-in-one inclusive package. Along with that comes an array of fees for each. You will want to discuss all fees involved in the managing of your property. Property management fees should be outlined in you manager/owner contract.
References
Talking to others who have had experience with a particular company is an excellent way to get a feel for how your experience will be. Ask around to friends, family, and coworkers and get their recommendation for property management companies to consider. When you talk to the companies individually, request a list of a few references to call.
Involvement in the Rental
Different management companies offer different levels of commitment to the property. Find out if the company will provide full maintenance as necessary, if they will take care of the accounting and tax information, how they handle insurance claims on the property, and other pertinent information. Getting a grasp on these important issues will be essential to choosing the company that best suits your needs. Finding a management company that suits your needs may seem like a daunting task, but it need not be. Simply ask the right questions and put in a little research; and you will be sure to find the company that is a perfect fit.
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