While cost is a factor, a seemingly "cheap" company might nickel and dime you with hidden fees, leading to a higher overall expense. Look for transparency: a 10% fee with no surprises might be a better deal than a 6% fee riddled with additional charges for leasing, maintenance, or late payments.
Utilize Google searches and review platforms like Yelp, Facebook, and Google My Business to understand their reputation. Schedule interviews with at least two companies and inquire about their experience, the number of units they manage, and for larger organizations, the qualifications of their staff.
A well-crafted lease agreement protects both you and your tenants. Reviewing it carefully addresses potential issues like unauthorized occupants, pets, early termination, security deposits, lease breaches, late payments, evictions, and property maintenance responsibilities.
Ask detailed questions about the company's protocols for handling key areas:
A professional company will have clear and documented procedures for all these situations, ensuring consistency and efficiency.
Request permission to speak with current property owners and tenants managed by the company. This allows you to get firsthand accounts of their experience. Don't be discouraged by a few negative reviews – some might stem from problematic tenants themselves. Ask the management company for their perspective on any complaints you encounter.
Vacancies can diminish your profits. Inquire about their marketing strategies. Do they create detailed listings with high-quality photos that showcase your property? Ask for evidence of their success in minimizing vacancy.
This guide equips you with the knowledge to make an informed decision. It lays a solid foundation for a successful property management journey. If you have any specific questions about property management, feel free to reach out!