You have investment properties and need a great property management company. You already know you can’t do it yourself and the services of a property manager or property management company will be a huge help. So what can you do to make sure you find the best one? Your homework!
Talk to other investors and start a list
One thing to do is to talk to other real estate investors to see who they use and how they feel about the service they receive. This may be the best way to start the list of companies to consider. Be prepared to ask questions. Ask about cost. Ask about what services are provided. Ask about response times. Ask about any issues they may have with their current company and others they’ve used.
Now that you have a list, start your research. Internet searches can give you some good information. Read the good and the bad and see if the reviews match what other investors told you. Look at their website. See what is included and what isn’t. Does their website have full contact information, including full corporate name, physical address (as opposed to a P.O. Box) and phone/email addresses. Why is this important? Because if they are willing to hide the information you need to do a good background check on them, then you don’t want to do business with them.
Now take that information and do your due diligence. Check with the Better Business Bureau for consumer complaints. Remember that complaints may be from tenants as well. These are important because to tenants, the property manager is an extension of you, the landlord. Check with the state/county/city to find out if they are licensed if required by law. Check the state and local court systems for any suits filed against them or judgments against them. Check state and/or local criminal record databases for the company principals and those who will be actually working on your properties. Their names should be readily available on their websites.
Now weigh the results and choose your property management company!