Rental properties are generally the largest asset a person will acquire in their lifetime.
When the going gets tough in the landlord business, property owners turn to residential property management companies to save the day. Having a residential property manager on your side is significant to the success of your investment. Not only does a property management company protect your investment, but they ensure rental income is maximized as well.
The residential property manager you hire will prove to be one of the most important factors for your rental business.
You want to be sure the property management firm you hire is accountable, professional, knowledgeable and experienced.
This is a business relationship with your money is on the line, so make sure you thoroughly understand the company and people you’re dealing with.
How do you go about finding these extraordinary property management companies?
First, as previously mention in part one, you want to pick a property manager who’s a member of the National Association of Residential Property Managers. These managers can be easily found by visiting the NARPM website.
Secondly, as previously mentioned in part two, you want to do a background check on the potential companies and review their online reputation.
Lastly, we conclude our three-part blog series
Step Three: Conduct a Professional Interview
You want to conduct a professional interview with the remaining two property management companies. This will help get you an idea of where they’re coming from and what their goals are.
When interviewing the property management companies, don’t worry about asking sophisticated, hard-hitting questions. Instead, simply share with the property management company what you’re trying to accomplish, get their feedback and find out what their plan is to help you achieve those goals. Every property management company has a plan, or a system of how they manage property and they’ll be happy to share that with you.
In addition, don’t concentrate on the price of a property management company when deciding who to choose. Price is rarely a factor and often times; the difference between one vendor and the other may come down to a mere two percent in the monthly property management fee.
Two percent might sound like a lot, but let’s put that into perspective: If a property rents for $1,000 a month, at two percent, that’s $20 a month difference which is only $0.65 a day. Rarely is a property owner going to pick a lower quality property management company over a higher quality one for $20 a month. Like most things in this world, you get what you pay for and ultimately, you want to have your property managed right.
Above all, choose a property management company that will protect you and help grow your business. By following these given guidelines, you can be confident that the property management company you choose is the right one.
Contact us or give us a call if we can answer any questions at (813) 875-7474.