Factors to Consider When Finding Best Property Management Company
The process of managing a rental property is not an a walk in the park. Property management requires both your time and attention, something that may not be possible because of the busy schedules. It is therefore important to find a reliable property management company that you can trust for this task. Here are some of the tips that you should consider when finding a property management company that suits your needs.
The first consideration that you should make if finding a property manager who owns similar properties themselves. The essence if finding a manager with similar properties is that you are sure that they understand this type of business operations. You can also be lucky to find a manager who does own property but understands you well and is ready to perform the work perfectly.
The second aspect that you should consider the number of other properties that they are managing at the specific time. It is essential to find a property manager who is not overwhelmed by the current tasks. It is important to contact referrals on the other properties that the manager is in charge and find out if they are well maintained. In case you find out that the manager has maintained high services in the other facilities under their care, then you can entrust them with your property too.
The third factor that you should consider is the property management fee. Different property managers will ask for different fees depending on the amount of work that they are supposed to do. It is important to note that the standard management fee is often 8-10% of the rent collected and therefore you should not be exploited. Moreso, it is essential to note that paying your agent well can motivate them to work harder and generate more money to you.
Another consideration when finding the manager for your property is their accessibility. It is essential that you hire a manager who you can access at any time when you want him. It is therefore important to sort the issue of communication with the manager and at least have their alternative numbers. The managers should be effective in communication and thus able to let you know of all the days that he is not around so that you can find out a solution on who to be acting in that position.
The last critical aspect you should consider when finding the best property manager is their ability to screen tenant as they apply for a house. Screening is important as you are able to determine the background of an individual as well as their credit histories.