If you’re someone who owns a piece of property and you have plans to rent it out to tenants, when it comes to managing the space, you have two options: you can handle it yourself or you can hire a property management company to do it for you. The reason why you might want to consider going with the latter choice is because a property management company can handle the day-to-day needs of your tenant, they can collect the rent and in many cases, they can do the yard work and deal with the repairs as well – all for a reasonable fee.
If this sounds like a service that you would be interested in using and you’d like a few tips on how you can find a reliable property management company within your area, please keep reading.
Do some online research. Being that there’s a pretty good chance that you don’t already personally know a property manager, the first thing that you should do is look online to see the different companies that are within your area. To start, all you need to do is go to your favorite search engine and put “property management companies,” along with your city and state in the search field. Look for companies that have professional-looking websites and provide customer reviews, too.
Make sure the company is licensed. One mistake that some people make is not looking for a property management company that is licensed; however, it’s an important thing to do. When a company has their license, it means that the individuals who work there actually took a property management course and then passed a state licensing exam. This can give you the assurance you need that they are qualified to be in the field of property management.
Inquire about the services they provide. There are some property managers that basically collect and process rent. Then there are others who do all sorts of things from interviewing prospective tenants to handling repairs and yard work. That’s why it’s important to take out a moment to think about what your specific needs are and then look for the kind of company that can meet them. Remember, a property management company is supposed to make your life easier, not more difficult.
Ask about their fee. Say that you were thinking about using the Lincoln Property Company for your property management needs as. Something else that you should take into consideration is how much the property management company wants to charge you for their services. Although the prices tend to vary, look for a company that charges somewhere between 10-15 percent. Anything more than that is higher than you should pay.
Interview more than one company. As you’re narrowing down your options, it’s important that you interview anywhere from 3-5 different property management companies. That way, you can get a feel for each one’s level of experience and professionalism. Plus, you can get their perspective on what it takes to care for tenants effectively. After completing this final step, you should be well on your way to finding a truly awesome and reliable property management company. Good luck!