Are you thinking about hiring a property management company so that you do not have to do it all on your own? This is a great tactic if you have an income property and you want to rent it out. From finding tenants to making sure that the house is in good shape, you just may not have the time to do everything that is necessary. Does it feel good to envision yourself just sitting back and watching the money come in. We all know it’s not really that easy but with these tips for hiring the best property management company, you can find a great company and minimize much of the hassle of “landlordship”.
Find out what services the company can offer.
Often the more they can do for you, the better. At the minimum, a good property management company is going to be able to find tenants for you so that you are never the owner of vacant property. They should be able to do basic upkeep, consult with you on major repairs, and respond to your tenants so that you do not even have to know that there is a problem until it has been fixed.
Ask when they first started working in the industry.
The longer they have been in business usually correlates to more leases they’ve had signed by tenants and the better they are going to be in representing your interests. They should have experience that helps them know what to do and what problems to anticipate. On top of that, longevity shows that other people have been pleased with their services, so you will be too.
Remember that the price should not be the only factor.
You do not want to overpay for the services that you are buying, but you also do not just want to pick the cheapest company and go with it. You need to find a balance of great service and a good price. The internet has made it possible to adopt a “reviews then price” model. This means that you can narrow your search down to the companies with the highest rated reviews and then choose by based upon price if the company meets your rating criteria. Every company may get a small number of bad reviews, but if the majority of their reviews reflect customer satisfaction you can feel confident about moving on to having them as your potential property management company.
Find a company that allows financial transactions to take place online.
While some people still prefer to drop off a rent check, the model that is quickly being implemented is online tenant rent payments. This makes it easy to set up automatic rent payments which can then be disbursed to landlords with simple online money transfers between bank accounts which is fast and effective.