Having a rental property is a good investment, and property management businesses simplify that investment for you. It can be difficult to know how to find the best personal or commercial property management company for you, so try the following steps.
- Ask people in your area.
Asking friends and family in your area is a good way to get an idea of what management companies are the best. Focus on friends who have personally interacted with property management companies before, either as an owner or through renting a property. Additionally, you can ask the real estate agents in your area in order to get the opinion of someone in the real estate business.
- Check online.
Sites like All Property Management can help you to find personal and commercial property management businesses near you that will fit with the type and size of rental properties you own. After you find the companies in your area, check their online reviews to see what customers of that company have to say.
- Look at current listings.
Once you have an idea of what management companies might suit your needs, look at some of their other listings. You want to find a company who will give the properties they manage the attention they deserve, so make sure their listings are informative and spread across an array of locations. If possible, talk to tenants under the management company and get their impression of the management. Renting is about keeping tenants happy, so having that perspective is important.
- Talk to the companies.
After you have narrowed your options down, make contact with the management companies on your list. Be prepared to ask a lot of questions such as how they conduct maintenance, their vacancy rates, and how they interact with tenants. Make sure you get an idea of how your money will be spent and what will happen if tenants have late payments, as this will be especially important in the months to come.
- Ask for proposals.
Have the personal or commercial property management business at the top of your list give you proposals for rental agreements with their company. This will give you an idea of the fees and costs associated with a particular company. Proposals should include payment information and an example of their management agreement.
- Examine the management agreement.
Personal and commercial property management companies will have you sign an agreement outlining the terms and responsibilities of both the company and the owner. Examine this document closely and be familiar with what the management company will do for you and what responsibilities they will leave to you as the owner