Your rental home is a valuable asset, and it is essential to research any property
management firm you may consider hiring carefully. While it’s true that some property
managers may give the industry a bad name, it’s worth remembering that a good
company will always have high ethical standards, experience, and quality service. So, you
should expect everything you need to ensure your peace of mind from your next property
management company.
Will the company get your property rented quickly? Will they provide you with
information about your rental home timely? Can you trust them to deposit the income
you make from the rental expeditiously? Are they licensed, insured, and knowledgeable
of federal and local laws to protect your interests?
To get answers to all these questions, you should check the below things before
onboarding a company to manage your rental property:
Complete access
You should be able to know 24/7 what is happening with your property in regard to
marketing activity, applicants, tenant changes, rent status, maintenance needs, and the
overall property condition. Keeping an eye on the maintenance needs will also help you
attract quality tenants looking for “my choice of real estate house for rent.”
No hidden fees
A leasing fee and a monthly management fee are standard in the industry, and all costs
should be communicated upfront. Do-it-yourself and discount property management
services can cost you in longer vacancy times and costly mistakes in the long run. Also, no
homeowner would want to welcome unpleasant surprises in the form of hidden charges
later!
Clear terms
While you may be busy renovating your property to provide your tenants the feel of living
in their choice of homes for rent, you should not miss checking agreement terms with
the company. Your property management firm should clearly explain the terms of your
agreement, what is included in the property management package, and what you can
expect at each stage of the leasing cycle.
Experience and certifications
Every day your property is not leased, you lose money, but that never means you should
go with the first option without asking about their property management staff’s training,
experience, and certifications. It is crucial to check these things and ensure that you’re
trusting the right company to take care of your rental property.
References
You have the right to ask for references who else uses the property management
company’s services. Don’t cut corners when trusting your investment property to a
management team. To get a better idea of their service quality, you can read customer
testimonials on their official website and check their Google reviews.
In a nutshell
A good property management firm delivers each of these things. They thrive on the trust
of thousands of individuals, investors, and institutions across the country. Your property
is the product of years of hard work and patience. So, if the company you’re in touch with
refrains from providing any of the above information, take it as a red flag and move to the
next option without giving it a second thought