Are you the proud owner of one of the 20 million rental income properties in the U.S.? Are the costs and hassle of managing it getting you down.
Hiring a property management company is the best way to cut down on these aspects; you can start to enjoy the benefits of your investment.
Placing your property in the hands of a third party is always a risky endeavor. So, it’s important to find someone reliable to take care of these homeownership essentials on your behalf.
Here’s how to find the best one in your area.
Get Word of Mouth Advice
Ask other investors in your area if they’re willing to recommend a good property management company. They can give you first-hand information on the services offered and what it’s like to work with certain companies.
You can also look for online reviews about property management companies. These will provide more information on how they manage their rental properties.
Check Property Management Company Credentials
Make a note of the most promising-looking ones based on this research and dig a little deeper. You can call them for more information, or search the internet for relevant information.
Most states require that property managers hold specialized licenses to offer their services, and it’s essential that they carry insurance to protect you from any mishaps during their duties.
The best property managers also have accreditations from certain trade organizations. To maintain these certifications, property managers must stay up to date with the latest training. They must also demonstrate excellent proficiency in their trade.
Browse the About page on the property managers’ websites. These will give you information on how long they’ve been in business, as well as any relevant certifications.
Look for Specialized Services
All types of homes are unique, and the rental market varies widely from place to place. What’s more, you’re likely to have specific needs based on your location, as well as work and family commitments.
Write a list of everything you want your property manager to do for you, and vet local management companies accordingly.
The best ones should offer a wide portfolio of services including financial management aspects. Find out more about how a property manager can take advantage of these details, like PMI here.
Compare Prices and Services
Once you’ve narrowed your options down to a few of the best contenders in your neighborhood, ask to meet with them.
During this interaction, you should review their property management agreement carefully and ask any relevant questions. Discuss the costs and payment options, and ask about any guarantees.
It’s vital to iron out any confusion at the outset if you want to get the best benefit from hiring a property management professional.
Maximize Your Investment
When you work with the right property manager, you’ll enjoy all the benefits of owning an investment property and none of the hassles. So, keep this checklist handy to help you find the ideal property management company for your needs.
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