How To Choose a Property Management Company
Managing your property and tenants can be a tough task. You have only so much time on your hands and you need some help. Hiring a property management company can help you relieve some of that stress by collecting rent, marketing your rentals, handling repairs, pursuing evictions, and responding to complaints. How do you pick the best company for your needs? Here are some tips on choosing the right property management company for you.
Do Your Research
The first thing you need to do is search for potential property management companies near you. There are a wide variety of property management companies that span all along the Emerald Coast from Scenic Highway 30A to Niceville, Florida. You can get recommendations from your local apartment association or search for professional real estate management directories online. Check online reviews and the Better Business Bureau for any past complaints to ensure that you will avoid some of those less desirable management companies. Also be sure to check any provided references from past clients and tenants.
When looking at companies, try to find ones that have specialized expertise in your type of investment. If you own residential properties, then a commercial management company most likely won’t be a good fit. Make sure they have sufficient insurance coverage such as property casualty insurance, general liability insurance, and errors and omissions policies.
Ask The Right Questions
You will want to schedule interviews with these companies and ask them questions. It is a good idea to interview at least five companies before choosing to hire one. The first thing you will want to know is whether or not they are licensed and if they can provide references. If they can’t provide these things, then they probably don’t have the right experience to handle your needs. If they can provide this documentation, then there are a number of questions you can ask to see how they handle everyday operations.
You will want to ask how they handle setting and collecting rental fees as well as tenant screening. Other things you will want to know include how they handle property maintenance and repairs, inspections, and handling funds. Inquire whether or not they charge a fee if a property remains vacant. Also, ask them about their property management fees and contracts. 88% of property managers surveyed by Rent.com’s 2015 Property Management Report raised their rental rates during the last year. Make sure that all services, fees, and responsibilities of both parties are clearly listed before signing any contract.
When considering a property management company, you need to make sure you do your homework carefully. Following the above tips will help you choose a company that is best suited for your needs. It’s important to find someone you can trust to take care of your investment properly so you can relax knowing it’s in good hands.