5 Tips for How to Choose a Quality Property Management Company for You
As a rental property owner, you know how important it is to keep your property in top condition. A well-maintained home keeps tenants happy, which increases your income.
That said, if you’re like many investment property owners, you don’t live close enough to your properties to keep a close eye on them. And even if you do, who has the time?
So how do you do it? Well, like any investment, it’s wise to enlist the help of professionals! With a quality property management company overseeing your rental property, you can rest easy knowing that it’s safe and sound.
To learn how to choose such a company, all you have to do is keep reading!
1. Ask About Experience and Workload
The first step to take when considering a property management company is to meet with the property manager. Ensure that they’re a licensed property manager, not just a real estate agent. This makes all the difference in terms of quality of service.
Ask about the type of properties they manage, how long they’ve been a property manager, and how many rental homes they currently manage. Too few properties is a bad sign, as it could mean inexperience, but too many and you risk your property falling between the cracks.
2. Request to See Licenses and Certifications
Again, proper licensing and certification are a must. In some states, real estate agents are allowed to run property management companies, but they don’t have the same training or qualifications.
It’s a good idea to check with the real estate commission in the state to ensure that the property manager’s broker’s license is up to date. You should also ask about any additional training and certifications, as well as the certifications of the company overall.
3. Research Company Reviews and References
Because many people only review something when they’re upset, and incentivized positive reviews are common, reviews aren’t everything. However, that doesn’t mean you shouldn’t do your research.
If you can, find other property owners, as well as tenants, who use the rental property management service you’re considering. Ask them about their experience and if they would recommend the company.
4. Look Over the Property Management Agreement
Like a lease, a residential property management agreement is a legally binding contract. As such, you should be well aware of what you’re agreeing to before you sign.
A quality property management company such as Corona Property Management will sit down with you to explain the agreement in detail, addressing any questions or concerns you might have.
5. Ask About Insurance
Managing multiple properties at once is a huge responsibility, and the appropriate insurance is non-negotiable. Before choosing a property management company, make sure they have general liability insurance, errors and omissions policies, and property-casualty insurance.
Ask how a worst-case scenario situation is handled, and how your property would be protected under their care.
Protect Your Investment With Quality Property Management
Though hiring a property management company requires giving up a percentage of your rental income, it’s more than worth the expense to know your property is in good hands.
A quality property management company will do all the work for you, from finding tenants to handling repairs to regular inspections to ensure that everything is in good condition. All you have to do is sit back and watch the passive income roll in!
Interested in learning more about getting the most out of your investment properties? Take a look at our blog!