Here are some top tips for picking your property manager since you decided to use one for your rental property. This is a great decision, but now the next great decision needs to be made: who to hire.
First thing to decide, what kind of Management Company do you need? That will depend on what type of property you own: single-family homes, small multifamily or apartments. Some management companies can specialize, in one type over another, others offer services for all of them. Ask them if they specialize and if so, what kinds of properties they prefer to deal with.
Make sure you check them out. Like you would any other kind of business, check out the company. Start online and check sites like Yelp, BBB and state corporate databases. Check their website too, but remember too that they will put their best face forward on their own site. You are entrusting them with one of the biggest investments you will make, so don’t skimp on the homework here. Use the top tips to pick a good property manager.
Interview several companies after you check them all out. Here are some things that you need to ask: What types and how many properties do you currently manage? How many staff members do you have? What repairs and maintenance items are included in their fees? Do you have to use their contractors? How are repairs and maintenance items tracked? How does the company handle evictions? How many evictions have they handled? How will they communicate with you and how often? How often will you receive income and expense statements? How quickly will you receive your checks each month? How often do they physically visit the property? How are vacancies handled? Do they use some sort of move out letter and checklist to let the tenant who is leaving know the expectations of the condition the property is to be left in? What is the process for screening new tenants? Does the company have a system to welcome and advise new tenants of responsibilities in caring for the property and paying on time? How are security deposits handled and escrowed?
Also focus on company qualifications. Are they bonded and licensed? Ask to see their insurance policies. How long have they been in business? What is their expectation of you as an owner? What is the process for severing ties with the company?
Be smart about how you hire a property manager; get the best for your investment.