Finding a reliable property management company isn’t a matter of luck; it’s about knowing what to look for. You should look at finding a property management company as a hiring process. You want to vet them know and ask the right questions so that you don’t run into problems later on down the road. Below is a list of questions to ask and things to keep in mind when you are going through the hiring process.
1. The first step is to find referrals. Ask around! Find a company with a solid reputation and check out their online reviews and social media accounts.
2. Make sure they follow formal tenant screening procedures. One bad tenant can cause a world of chaos for any landlord.
3. Look for extensive experience. Find a property management company that is well established and that employs experienced professionals who are able to make smart decisions on your behalf.
4. Do they have a history of short vacancy periods. Ask how fast they are able to get properties on the market. You don’t want to hire a company with long vacancy times in between tenants.
5. Do they have a large client base? A property management company with no clients is a huge red flag. This could be a sign of laziness or disorganization. Don’t be afraid to ask for references.
6. Ask about their policies. Any legitimate company will have processes in place and will happy to share many of them with you. Ask if they offer routine maintenance service for rentals because that can help to prevent minor issues from escalating into the need for major repairs. Ask questions regarding how they collect past-due rent and what the protocol is for after-hour emergencies. Is there someone on call 24-7?
7. Are they willing to provide written contracts? Any reputable property management company will be happy to provide you with a contract outlining its terms and conditions as well as pricing and fees. Keeping everyone on the same page is ideal.
It is worth your time and effort to vet potential property management companies. Don’t forget, you want a company that can help you get the most out of your rental property.