If you own rental property, hiring a rental property management company can be a great way to help you simplify your daily responsibilities and profit from your investment. Moreover, with a number of property companies offering rental management services in most areas, it is likely that there is a great company nearby that can give you the help you need. But how do you know if the rental property managers you are considering hiring are competent? Before you hire someone to help manage your rental properties, look for these signs.
They are Licensed
Look for property companies that hire licensed property managers. Having a license means that they have taken an approved property management course and passed a state exam, proving their ability to help you with your investment. Licensed property managers and property managers in charge (PMIC) not only have the knowledge that will allow you to succeed, but also have state-regulated procedures in place for important considerations like rental income and security deposits.
They Manage a Diverse and Well-Maintained Portfolio of Properties
A good rental property management company will manage a variety of different properties, including the type of property you own. Additionally, a trip to any of these properties should reveal well-maintained buildings you would be happy to live in or own yourself. If you aren’t happy with a company’s existing work, don’t trust them to take better care of your investment.
You Are Pleased With Their Procedures
When interviewing property companies, you should ask questions about how they handle everything from repairs and maintenance to tenant problems and evictions. By screening for property managers who follow protocols you don’t approve of, you can prevent a lot of potential disagreements and problems. Also, make sure you ask about how often they file for eviction and how long they retain tenants: a high eviction rate likely means that their screening process is insufficient, while low tenant retention means they aren’t creating a great living environment.
There are a lot of great property management companies out there, waiting to help you succeed. Unfortunately, there are also plenty of companies who aren’t quite as good at their jobs, or simply not the right fit for you. Avoid the latter by following the steps above to find the right property manager. Links like this.