There are a number of things to take into consideration when looking for a reputable company to handle your real estate property. Don’t settle for who has the cheapest prices or pick the first company you thumb to in the phone book. Do some research before entrusting your property to just anyone, here are some of the most common things to consider when looking for a property management company to manage your property:
– Communication – You want to know how well the manager communicates any problems that may arise, and how easily they will be to reach in the event you have a problem. Also be sure to clearly express what you expect from them
– Early Contract Termination – Are there any fees for breaking the contract early? Are there any provisions that allow for an early contract release?
– Billing – Does the company send out detailed accurate monthly or quarterly income / expense reports, letting you know of all income / expenses?
– Cost – What are the fees the charge to monitor the property? Look for lower cost with higher services offered
– Maintenance – Do they have their own repair / maintenance crew? How much can they handle? What do they bill at? Can they handle all repairs in house?
– Evictions – How do they handle evictions, What are the costs / fees associated with evictions?
-Landcaping – Do they have landscaping? How much is it? How often a month are the services offered?
– Reserve – Do they have a reserve? If so how much is required?
– Rent – How do they handle sending out of checks? How do they handle deposits?
– Vacancy – How do they handle vacancies in your place? Is there a fee if your place is vacant?
– Advertising – How do they handle advertising? Do they have signs out front? Newspaper ads?
– Section 8 – Do they have experience in dealing with section 8 housing? Do they know the rules and regulations?
– How many properties do they manage? How many managers are there that work at the company What specific areas do they focus on? How long have they been in the business? Check their licenses and certificates
You may think, isn’t it easier to just handle the property myself? While that may be true in some aspects, would you really like to sacrifice all your time tending to the tedious repairs that may present themself? Or would you rather forgo the minimal amount of income you’d save by attempting to manage it yourself and allow us to do it for you? You may be asking yourself, what are the benefits to using a rental property management company vs a private owner? Well read below to find out why:
– Rental properties generally have an on site maintenance guy, as well as emergency on call maintenance people.
– Rental properties generally have a higher quality of tenants in their units, so they units don’t see as much wear and tear, tenants may stay for longer durations, and generally cause less problems
– A private owner may not always be available or have someone on call to let you in at 2 am or fix the runny toilet or sink
– Private owner may not have the money/funds/or time to immediately fix an issue in the apartment like a rental property company may
– Property management companies may also be more strict about enforcing certain policies, i.e no cats/dogs /loud music/ restrictive parking