Factors to Consider When Finding Best Property Management Company
Managing rental properties is very demanding and challenging. Property management requires both your time and attention, something that may not be possible because of the busy schedules. It is therefore important to find a reliable property management company that you can trust for this task. Here are some of the tips that you should consider when finding a property management company that suits your needs.
The initial that you should consider while finding the best property manager is find someone who owns such facilities himself. Finding a property manager who doubles to be a landlord is essential as you are assured that they have an understanding of this kind of operations. You can as well hire a manager who may not necessarily own a property but is well acquainted about the operations of this kind of business.
The second aspect that you should consider the number of other properties that they are managing at the specific time. It is important to find out about the number of properties that a manager is taking care of at the moment to avoid overwhelming them. It is important to contact referrals on the other properties that the manager is in charge and find out if they are well maintained. You can contact the property manager to run your facility if you find out from a referral that their services are good.
Another aspect that you should consider is the amount of management fee charged by the various mangers. The management fee that different managers will ask for will be dependent on the amount of work that they are supposed to do. It is important to note that the standard management fee is often 8-10% of the rent collected and therefore you should not be exploited. However, it is always important to ensure that you pay your property managers well so that they are motivated to deliver quality output.
Another consideration when finding the manager for your property is their accessibility. You should find a property manager who can be easily accessible when you require them. It is therefore important to sort the issue of communication with the manager and at least have their alternative numbers. You should ensure that they is always proper communication between the two of you when the property manager is not around.
The last critical aspect you should consider when finding the best property manager is their ability to screen tenant as they apply for a house. In order to find out about the credit histories and backgrounds of your tenants, your manager should do a property screening of all the tenants.