Life as a landlord is much easier with someone else doing the legwork and taking care of most of the tedious work. But if you simply pick a management company at random, you’ll be dealing with more problems than you would be on your own.
To avoid making the wrong choices when choosing a property management company, follow these simple guidelines.
Take a look at the company history
If a company has been in business for a long time, it must be doing something right. Most likely it did not receive a bailout like GM did! Moreover, by reading through the company’s history, you can see whether it has maintained its reliability over the course of its existence. Most management companies that have been in business for a number of years are known to be reliable and professional.
Conduct an interview
When you get in touch with a property management company, you need to ask them about the services they perform and how they can help you. Ask questions regarding:
· The properties they deal in
· How long they’ve been dealing in these kinds of property
· Will your property meet the criteria?
· Their level of commitment to the property
· Employees experience
· Their procedure
· Service charges
Cost of services
Prices will fluctuate based on the range of services a company provides. If the price is high, make sure you get your money’s worth. And if the price is low, find out what services are missing. Also, remember there will be fees attached to the package you open the door to. These fees need to be mentioned in the contract between you and the management company.
Test customer service
Call up the companies you’ve shortlisted so far and pay close attention to how customer service deals with you. The attitude they use with you will be the same when it comes to tenants. You definitely do not want to associate with a company that isn’t capable of communicating decently with customers. Check for the following when you call each company:
· Easy to understand them
· Other communication difficulties
Try your best to get your list of potential property management companies based on references from friends, family, neighbors, or coworkers. There is a chance they may not know a company in this field so you will have to do your own research in this regard. Also, when you call up the company, ask for a couple of references. Make sure you follow through on these references. Now, based on the information you’ve gathered, you will be able to make a decision you can live with.