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7 Tips For Choosing A Property Management Company

Loffman Property management

7 Tips For Choosing A Property Management Company

 

  1. Make sure the owner of the property management company is a Real Estate Broker and a member of several property management organizations.
  2. Take a look at the property management’s advertising and tenant screening.
  3. Do their ads look good?
    If you were a tenant would you respond to the ad?
    Does the management company lightly stage the rental and take great photos?
    What is the procedure they use to screen the tenants?

  4. Find a property manager that offers great customer service.
  5. Wouldn’t it be great if you could get in touch with your property manager when you need to?
    Choosing a property management company that strives to offer great customer service is a must.
    A management company with good customer service makes sure owners are constantly updated on the progress of their rentals and keep owners informed of the current rental market and rental rates.

  6. Does the property management company have good relationships with the tenants?
  7. A good property management company treats their tenants with respect.
    Happy tenants lead to less turn over, less rent up fees and lower vacancy rates.
    A reputable property management company with a good name in the eyes of the tenant is not easy to come by.
    Choose a property management company that cares about their tenants and respond quickly to maintenance requests.

  8. What is the management company’s vacancy rate?
  9. This one question can tell you how effective the company is in advertising and marketing your rental property.
    Ask them what their percentage of vacancies is relative to the number of properties they manage.

  10. Choose a company that does annual inspections of all the properties they manage.
  11. Once a year the property management company should conduct an inspection of the outside and inside of your rental property.
    This report should be in a checklist form with some photos.

  12. Set up a meeting with the property manager – Ask for 3 References.
  13. Set up a time to meet the property manager and talk about management styles and what is important to you as an owner.
    Look over the management agreement and make sure you are not locked into a long term agreement.
    No one should be forced to stay with a management company they are not happy with.