Rental properties are great investments with incredible return possibilities. However, if you have other responsibilities or own properties out of state, property management services can save you a lot of time and stress. Finding a dependable property management company can take away the stress and challenges that come with owning a rental property. Here are the best ways to find the right company for you and your property.
Step 1. Join a Local Property Owners Association or Real Estate Investment Group
Finding investment and/or landlord groups that work and live in the same area as your property will help you understand a lot about your local housing market. They will also have a wealth of personal experience with property management businesses and be able to suggest reliable companies.
Step 2. Talk To Real Estate Agents
Another great source of information are realtors and real estate agents. Keeping properties updated and marketable is a major part of real estate, so people who work in that profession will have an inside track to which property managers do great work.
Step 3. Listen To Word of Mouth
Go outside of professional associations and get opinions from tenants and property owners. Yelp and review sites are great but nothing beats the authenticity of hearing opinions from actual tenants. Even good landlords could have a mixture of good and bad reviews because of bad tenants. However, a great property management team creates its own buzz simply by doing a good job.
Step 4. Comb Through Websites
In today’s fast-paced world, most business is done online. Make sure to review the website of potential companies to see how they operate. Look at the website to see:
Is it up to date?
Is it easily accessible?
Can tenants pay rent securely online?
Does the site look professional?
Could property owners access their accounts?
Are property listings attractive?
Is navigation of the site easy and attractive?
Are property listings in a good range of prices?
Step 5. Know the Housing Market
Whether you live nearby or far away, you need to know the local housing market so you can have realistic expectations of rental income and property management. Understanding the market will also help you know the fair price to pay for property management. An honest property management company will charge a small percentage of rental income. They won’t try to take advantage of your location or busy life to get more money out of you or duck maintenance responsibilities.
Step 6. Research Properties
If you want to see how a business is going to perform, you take a look at their work. The same is true of property management. After getting suggestions and asking around, go to locations managed by your potential choices. Go visit during the day and during the night. Take notice of different parts of the properties.
Is the property clean?
Are all the street lamps and lights working?
Are the buildings in good shape?
Are lawns in good shape?
Do the tenants seem to be responsible and respectful?
Step 7. Research Company Listings
Take a look at both the number of employees and the number of properties a management company has. Ideally, each property manager should have no more than 30 properties to tend to. Any more than that and there will be a lot of juggling. You don’t want your property to suffer from lack of focus or attention.
Step 8. Interview In Person
If at all possible, you should interview prospective companies in person to find out which one suits your needs. In the interview, make sure to take note of your first impressions. Don’t be afraid to talk about money and policy with the potential managers. Ask questions like:
What are their fees and rates?
How many inspections will they commit to each year?
How are maintenance issues addressed?
What day of the month are rent payments due?
Do they give monthly reports?
How long does the property manager require before you can terminate your contract should you be unsatisfied with services?
Ask for output report samples.
What software programs do they use for management systems?
How do they advertise properties?
Asking the right questions can help you weed out the good from the bad and get you the best property management company for your business.
The team at SRP Realty and Management understand the challenges of owning a rental property. Let us take the guesswork out of searching for a property management company in Charlotte, NC. Call our team today at 704-756-8736. We’ll answer all of your questions and show you why we’re the best choice of management companies for your property.