How to Choose a Property Management Company?

Finding a list of property management companies in your region is simple. But, the process of filtering and picking a property manager can be a tedious task. This is why you should engage in thorough groundwork. Talk to the company’s previous and present customers. Talk about the problems and benefits in hiring the property manager.

The best way to find property managers is through referrals. Though referrals can be biased, thorough groundwork can save you. When your search is based on referrals, approach as many sources as possible. If you come across similar reviews and experiences from multiple sources, there is a better chance of the information being true.

With this being said, here are few tips on how to choose the town’s best property management company.

#1 Search Online

First of all, you must perform online searches. Look for online listings! Once you find a list of property managers, do some research! Websites like AllPropertyManagement and T-Rex Global will help you find legitimate property managers. You can generate lists based on your budget and area too. Before you contact a property manager, engage in social media inspection. Go through reputed sites like Yelp for reviews and customer testimonies. Better Business Bureau is also a good place for reviews. BBB will help you rate the company. Also, you can verify if there are complaints filed against the firm. During the study, you will come across the same company in different ways! Referrals, reviews, and customers may speak of the same property managers. Remember, with more information you can make an informed decision.

#2 Inspect their Works

Always choose a property manager after inspecting their current works. Go through the property management company’s rental advertisements. Check if the advertisements are professional and void of discriminatory remarks. The advertisements must be accurate and compelling. Next, check if the property manager has advertised in many ways. They should have advertisements in Craigslist, bulletin boards and newspapers. Property managers specialize in handling properties. This means they should maintain the properties in perfect condition! You will be able to learn a lot about the company by inspecting these properties. After all, property management is all about handling properties in the best possible way! Don’t forget to talk to the tenants. They may have different opinions on the property manager. Here are few questions to ask the tenants:

  1. -Does the property management company inspect your home often?
  2. -Do they address all complaints?
  3. -Do they repair and maintain the property?
  4. -Is the property kept clean all the time?
  5. -Is the property blissful and quiet?
  6. -Are you happy with the property manager’s performance and service?

#3 Interview the Property Manager

Moving on, you should interview several property managers. Don’t stick to a single company. Filter at least three to four property management companies. Just like how you would screen and interview tenants, you must handle the property managers. Check if the property managers are both reliable and efficient. Interviewing will help you identify good firms from the bad. You will be able to judge if they work with clean, proven plans.

Property management companies who have placed 20 tenants in the past few months and are evicted by 8 of them, either don’t know how to filter tenants or tortured by bad luck.

Property management with “promising” profiles will not think twice to help you. They will always put their best efforts in helping you.

#4 Certifications & Licenses

Never hire a property manager without checking certifications or license. All states expect property managers to have certifications and licensures. These they should be officially licensed to inspect and show vacant properties. To verify if the property manager’s license is valid, you should visit the local Real Estate Commission. Few other organization that can help you analyze the property’s manager’s licenses and certifications are:

  1. -National Apartment Association
  2. -National Association of Residential Property Managers
  3. -Institute of Real Estate Management

#5 Your First Impression & Instincts

At all times, trust your first impression and instincts. Don’t fall for property managers who have paid money and completed courses. These courses don’t mean anything if the property manager doesn’t put into practice what is taught. Passionate property managers may not have the money or attended expensive courses, yet they will do a good job!

Finally, you should read the agreement. Before the property management company starts work, you will be asked to sign an agreement. Read through this agreement and ensure if everything discussed is documented. Reputed property managers know how to create spotless agreements.