Although the rental property market is lucrative, it can also be unpredictable. As a property owner, you may have considered using the services of a property management company. But with so many options, it can be difficult to pick the right one.
Partnering with the wrong company can leave you frustrated out of pocket. But, when you work with a property management company that is the right match for you, you can increase your revenue and have more time to focus on other opportunities without the stress of dealing with the day-to-day requirements of being a landlord. Here are a few ways you can find the right property management company:
#1 Check Their Reviews
At the risk of sounding obvious, you can learn a lot about their customer service by checking their reviews. Start by visiting their website to read their testimonials. If the reviews published on their website aren’t anonymous, then the feedback is most likely authentic.
Next, look them up on a search engine. If they have a healthy mix of reviews with many five-star scores from mostly registered users, then the feedback is probably genuine.
#2 Check Their Services
Find a property management company that offers multiple services.
- They should market your property on multiple channels, including their website, magazines, and rental property networks. By maximizing your market reach they’ll help you rent out your property faster.
- They should have a robust system that can match you with a good tenant. If you have the misfortune of leasing your property to an unreliable renter, then you may suffer from high maintenance costs and a loss in earnings. A good property management company will thoroughly check a renter’s income and background.
- A good property management company doesn’t rest after finding you a renter. They help you learn how to write a rental lease, collect rent, and provide 24/7 maintenance support to the tenant. This way, you don’t have to wake up in the middle of the night to answer a repair request. Also, your property is more likely to remain in good condition.
#3 Check Their Experience
Because the housing market is profitable, many companies have entered the property management business, especially in larger cities. For property owners, partnering with an inexperienced property management company can be disastrous.
Such companies may not have your best interest at heart and will try to match you with a renter as soon as possible by taking shortcuts. They may also disappear after collecting their cut, leaving you to do all the legwork.
Also, avoid partnering with businesses with property management fees well below market rates. Remember, you get what you pay for.
Not only does a good property management company have positive reviews, but they have years of experience. Some have been serving their clients for decades. This experience gives them unique insight that helps you find a good tenant faster. Moreover, an experienced company works with all kinds of property owners, including those who own townhouses, large houses, and condos.
These three tips can help you find a good property management company for your rental property business. Take the time to match with a well-reviewed, experienced, and hardworking company. Your property deserves it.