Your rental home is a valuable asset, and it is essential to research any property management firm you may consider hiring carefully. While it’s true that some property managers may give the industry a bad name, it’s worth remembering that a good company will always have high ethical standards, experience, and quality service. So, you should expect everything you need to ensure your peace of mind from your next property management company.
Will the company get your property rented quickly? Will they provide you with information about your rental home timely? Can you trust them to deposit the income you make from the rental expeditiously? Are they licensed, insured, and knowledgeable of federal and local laws to protect your interests?
To get answers to all these questions, you should check the below things before onboarding a company to manage your rental property:
Complete access
You should be able to know 24/7 what is happening with your property in regards to marketing activity, applicants, tenant changes, rent status, maintenance needs, and the overall property condition. Keeping an eye on the maintenance needs will also help you attract quality tenants looking for “my choice of real estate house for rent.”
No hidden fees
A leasing fee and a monthly management fee are standard in the industry, and all costs should be communicated upfront. Do-it-yourself and discount property management services can cost you in longer vacancy times and costly mistakes in the long run. Also, no homeowner would want to welcome unpleasant surprises in the form of hidden charges later!
Clear terms
While you may be busy renovating your property to provide your tenants the feel of living in their choice of homes for rent, you should not miss checking agreement terms with the company. Your property management firm should clearly explain the terms of your agreement, what is included in the property management package, and what you can expect at each stage of the leasing cycle.
Experience and certifications
Every day your property is not leased, you lose money, but that never means you should go with the first option without asking about their property management staff’s training, experience, and certifications. It is crucial to check these things and ensure that you’re trusting the right company to take care of your rental property.
References
You have the right to ask for references who else uses the property management company’s services. Don’t cut corners when trusting your investment property to a management team. To get a better idea of their service quality, you can read customer testimonials on their official website and check their Google reviews.
In a nutshell
A good property management firm delivers each of these things. They thrive on the trust of thousands of individuals, investors, and institutions across the country. Your property is the product of years of hard work and patience. So, if the company you’re in touch with refrains from providing any of the above information, take it as a red flag and move to the next option without giving it a second thought.