Are you looking for a convenient, hands-off approach to managing your rental property? If so you may be considering using a property management company.
But you can't just pick a property management company and hope for the best, because there are over 300,0000 property management companies in the U.S., so picking one without knowing what to look for would be a gamble.
So how do you pick a property management company?
Here's how to do it.
1. Know When to Switch
Maybe you already have a property management company but aren't sure if you made the right choice. Have you considered that it may be time to switch?
If your current property management company has been slow to respond, if tenant turnover is increasing, or if the bookkeeping and record keeping are not accurate, you need to find a new company.
Likewise, if you're new to renting your property, look for a company that avoids all of those issues. Being disorganized is the last thing you want from your property manager.
2. Look for a Full-Service Company
Look for a full-service property management company. You want someone who is experienced in all aspects of managing rental properties.
What does full-service property management mean? It means your property management company will handle all aspects of the rental process. This starts with advertising your rental property and screening tenants, but it also extends to rent collection, property inspections, repairs, and if necessary, evictions.
3. Check Out Their Experience
You can start looking for property management companies by reading online reviews and testimonials, but don't stop there, reach out to them and ask them about their experience.
It's not just about their reputation. Make sure they have the proper licensing. Some states require a property manager to have a license, while others have no such requirement.
For example, in California, not all property managers need to be licensed. However, an unlicensed property manager is limited in what services they can provide. That means they can't collect rent or engage in leasing services.
4. Choose a Local Company
A local company will have local property management experience. That means understanding local laws and regulations.
They will also understand what to do in the event of an eviction, and what is legally required. They will also understand any caps on security deposits.
Someone rooted in the community will have connections to local maintenance and repair businesses.
Pick a Property Management Company You Can Trust
When you pick a property management company, you're entering into a business relationship and trusting them to protect your assets and keep your cash flow positive. Don't pick a property management company at random, pick one that can handle all of your needs and make data-informed decisions about your rental property.
Residential Equity Management is that company. We are an experienced, full-service property management company. Contact us about your property, or fill out our free rental analysis and request a quote.