How to Choose the Right Property Management Company the First Time

How to Choose the Right Property Management Company the First Time
  • Opening Intro -

    Your rental investment property is an asset that requires attention and someone to manage it correctly.

    You will want a licensed and experienced property manager overseeing your investment.

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Choosing the right property management company for your rental units can seem like an overwhelming task, especially when you want to find the perfect fit in a property management company for you.

Some questions to consider when doing your research for a company are:

  • What qualifications do you want your property manager to have?
  • How do you sort through property management companies to find the right one?
  • Will, the property management company, protect your investment likes it their own?

First off, you want a trustworthy and responsible property management company that will collect rent and other fees from tenants, handle day-to-day maintenance, and respond to your renters’ needs.

Property managers’ responsibility is to take care of your rental properties on your behalf, and a valued property management company, such as Nomadic Real Estate, can add more than just the day to day management by identifying ways to grow your investment and creating good relationships with tenants.

You want the best working with you to ensure the success of your investments. Below are some tips to help in the process of choosing the right property management company to work with.

  • Get Referrals –

    ask around, the best way to find a suitable property management company is to get referrals. Who sold you your investment property? Does your real estate agent know any respectable property managers? Once you have a few companies, you can consider interviewing them.

  • Remember Your First Impressions –

    if able, meet each potential property manager in person. First impressions are important, and this is when you can see how to put together the manager is and how well-spoken they are. It permits you to put yourself in the shoes of prospective clients and get a feel if you would want to rent from this person.

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  • Inquire About Advertising and Handling of Vacancies –

    be sure to ask a potential property manager these questions: Where do they advertise vacant homes? Do they actively advertise in newspapers and websites? How many vacancies do they have? What is the average length of their properties stay vacant?

  • Discuss Terms of the Contract –

    carefully look through an owner/property manager agreement and look for relevant information in the contract such as property manager’s name and contact information, the fees that the company charges, their policy on outsourcing repairs, and when you will receive monthly rent payments.

  • Assess Tenant Lease Agreement –

    you will want to go over the tenant lease agreement and make sure you agree with the information in it, such as the security deposit amount, that tenants’ responsibilities are clearly outlined when rent will be due each month, and consequences of breaking the lease.

Discovering a property management company that you feel is the right fit, it is not an easy task, but if you do some research in the beginning, it will save you time later on. Any property management company you are considering you want to view their website, social media activities, and most recent advertising campaign to get an understanding of how the property manager works and what they might be able to bring to the table to help your investment property.

other valuable tips:

You want to make sure that you are hiring a property manager with experience under their belt, who also has excellent communication. There must always be an open line of communication between you and your property manager, and you also want the manage you hire to have excellent communication with your tenants and a quick response to time for emergencies.

When it comes down to finding the right property management for your investments, it’s going to come down to referrals, references, experience, and your gut instinct. You want to find the best property management company for you, someone who will manage the day to day maintenance of your investment properties, and put money in your pocket.

Image credit: property management by Pixabay

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