After you have established in yourself that you are not fit to handle your rental property business on your own and have you have made the decision that you want to hire a property management company, do not just rush to it. Hiring them is not cheap so it is better that you will get all the benefits from them too.
Here are some tips for you to follow on how you will hire the property manager that is best for you and your business.
- Ask how many units they are going to manage. Usually this question has a follow up which would be ’How many employees will manage these units?’ This is an important factor for you to know for this is where you will determine how good their service would be.
- Are they rental property owners too? This will of course vary in other people points of view. To some this could be beneficial for it means that he can really relate to what the things to be done plus he understands the responsibilities that are there. On the other hand though, rentals are also competition. How would you know that your property will be filled first if you and your property manager have vacancies on the same time? It would not be easy to deal with. Right?
- Get into the properties basic routines. When you are having a discussion with a prospective property management company, ask them how often they usually make formal inspection to properties they handle. Also tell them how often it is done in your property. Some managers would accommodate this request from you but there are others who will not. It is up to you which you would chose in the end.
- Give attention to how they deal with you in your discussion. If the potential property management company representative of your property is always finishing your sentences or he or she simply cut you off every time you speak, there is quite a problem there. You might be in trouble if you hire him. You will be treated like that throughout your business relationship.
- Is the property management company using a quality tool for property/tenant management? It is important to know if they use software in order to help the improvement their efficiency. It would be best to hire one who does so as your profit from this would be promising at least.
- Know where they base the percentage they charge you with. There are some charges that would be unhealthy for your business so you need to be attentive and focus. You will not want to agree on something that you might just regret in the end.
- Know how they will address issues on maintenance. With a variety of ways to handle it some are not profitable so you need to be wary and try to waive if you think it is necessary.
In choosing the property management company for your rental property business you need to tread slowly but surely. You are getting their service to relieve you with the troubles and not add up to it.