Choosing the Right Property Manager
Choosing the right property management company from among
the dozens in your area can seem like a daunting task. But with some careful
planning and good interviewing techniques, you'll be well on your way to
turning the complex, time-consuming job of managing your rental property into a
passive (for you) revenue stream.
Before deciding which companies to put on your short list,
sit down and identify your needs and goals for the property in question. Do you
need full property management services, or do you want help with only certain
aspects of your business, such as leasing? Do you need a manager to live
on-site? Would you prefer to work with a large company that has multiple
locations and lots of resources, or would you rather work with a more boutique
business, where you'll likely receive more personal attention?
Once you've decided on your criteria and narrowed your
search, take a close look at the following aspects of any property management
companies who make your final cut:
Company focus: While many property management companies are
willing to take on a variety of property types, it's also not uncommon for a
company to have an area of particular expertise, or to heavily preference
managing certain property types. It's also not uncommon for a property
management company to focus heavily on a particular skill set, such as
marketing properties, providing regular inspections, or handling the
administrative aspects of running an income property. When you're evaluating a
property management company, you'll want to make sure that your interests and
those of the company are aligned.
Management systems: Regardless of how long they've been in
business, a good property manager will be able to easily describe her proven
methods for securing rental payments, performing routine maintenance, complying
with regulations, handling emergencies, resolving disputes, and other critical
tasks.
Cost structure: Good property management companies will make
it easy for you to understand what the total monthly cost of their services
will be. When you're reviewing the contract, make sure you understand what
tasks are included in the stated monthly, hourly, or project-based fee, and
look out for excessive potential additional charges.
Availability: Like it or not, property management is a 24/7
undertaking. The company you're looking at should have plans in place for
handling any emergencies that arise outside of standard office hours.
Customer service: Keep in mind that your property management
team will not only be servicing you, they'll be representing you when dealing
with your customers, the tenants of your property. If they lack professionalism
or attentiveness in this area, it will cost you money in the end. If you can,
observe the company you're interviewing in action, and be sure to get familiar
with their customer service policies.
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