4 Property Management Factors to Look For
When you are in need of property management assistance, there are several things you need to consider. You need to explore and really find out what the property managers in your area have to offer so that you choose one that will fulfill all of your needs. As you are conducting your search, there are four factors of utmost importance and you want to focus on these as you interview and sort through your local property managers.
Cost of Services
Cost is important because you want to make a profit from your properties, so if a property manager charges too much, this could undercut how much you make. Consider property taxes, insurance costs, maintenance fees and a mortgage if you have one. Add these up to form a monthly cost for the property and then craft a property management budget. Be strict about finding someone who fits your budget, and also keep in mind that a high price does not always translate to high quality.
Find information about the companies, such as how long they have been in business and their overall performance rating online. Another option is to visit sites like the Better Business Bureau. You want to work with a company that has a good reputation and a track record of quality service. You can also check out places like the Small Business Association for information.
Check out the customer service reputation of all property management companies you are considering. They should always respond quickly when you contact them and they must be flexible and well organized. The company should also be responsive and attentive to all clients living on the properties that they are managing. If they are not responsive to tenants, this can result in difficulty keeping tenants in your rental space which can negatively impact your income.
All companies can seem great in the short-term, but property management is a long-term commitment. Look for companies with a track record of sticking with clients and maintaining their business long-term. Make sure that they have a history of always collecting rent on time, keeping current on all paperwork and making sure that all properties they are managing are always maintained. Your property will be in their hands and the company you choose must treat it as if it is their own.
To help you in determining if a property manager fits your needs, make sure to ask for some references. You need these so that you can verify their claims and promises. All reputable property managers will have references and this can help you choose the one that you want to work with.