Finding The Right Property Management Company For My Rental Property
Property Management Teams are a vital part of investment rental properties for many homeowners around the world. As such it is important to know what kind of services you require and the managing company will provide by asking the hard questions upfront.
You want to make sure the property managers are well trained in the specific areas of handling a rental property including:
- Market Briefings & Updates
- Preparing Properties For Letting
- Advertising Rental Properties
- Suitable Tenant Selection
- Documentation and Organization
- Inspections of The Property
- Collecting Rent
- Reports On Your Investment
- Handling Maintenance & Repairs
- Reviewing Rent
- Lease Extensions and Reletting
- Vacating Undesirable Tenants
Whether it is your own home that needs to be rented for a period of time or a property that is part of a long term investment strategy the company should be able to manage your property for you. What do you really need to know about the company’s ability to handle your property though? Here are a handful of questions that can help you better understand the rental property management company you’re choosing.
4 Property Management Service Questions
How easily and often can the property managers get to your rental home?
One of the main reasons people hire a property management company for their rental property is the ability to frequently be at the home. You’ll want to check that the company you choose is in close proximity to your rental home and has the people power to frequently have someone there in case of issues or other matters.
Can they handle frequent repairs if necessary?
The most vital part of the property you have is making sure it stays in good condition. When things break down your tenants will let you know, but it’s up to your rental management company to prevent those issues from getting out of hand. They will act as you while you’re away, and their decisions will affect your ability to rent the property and it’s value moving forward.
Be certain that the company you choose to work with has a team of trustworthy repair people at their disposal to take care of minor and major issues that can happen to a property throughout it’s lifespan.
Can the company handle a variety of services, from maintenance to rent collection and more?
If you’re in need of a management company that can wear many if not all the hats that are necessary to effectively run a profitable rental remember to ask them what they can and cannot do. Don’t be shy to see how far they will go to ensure things go smoothly with your rental. Run scenarios by them to see how they would approach the situation and consider if that is an approach you would be comfortable advising or confident doing yourself as well.
Can the rental company represent you and your best interests in a reliable and diplomatic way?
When things get difficult how well can the property management company deal with the stress? They should be able to think and act in your best interests when tenants are getting out of hand. Remember the goal here is to provide you with more free time and less stress. Do your best to make certain those interests are also at the core of the property management companies services.
Choosing The Right Property Managers Comes Down to Communication and Trust
The company you choose to represent you in front of your tenants should have the technical skills to handle the job, but you have to make sure they can communicate well with you too. Working together will help you feel less stress about your rental property and build a trustworthy relationship that you can rely on in the short and long term. Ask the difficult questions from the beginning, and work together to find a solution that meets your needs and their abilities.