How do I Choose the Best Property Management Group?
Choosing the best property management group is crucial. The whole idea of hiring a company that manages rental properties is to have your investment properly cared for so you don't have to worry about it or attend to any of the management details yourself. The best property management companies have a good reputation for well-managed buildings, charge reasonable fees and keep owners well informed on a regular basis.
Look for a property management group that issues detailed monthly statements. You should try to pick property managers who have a written notification policy that states they must inform you immediately if and when your tenant has moved out. Otherwise, you may be charged for tenant-related services when your rental property is empty. Property management groups who can provide you with information about your case that's easy for you to access by computer are well worth considering.
Don't pick a property management group based on which one has the lowest fees. The cheapest property management groups aren't necessarily the best or the worst. Read through all the fine print on rental property management forms to find out the exact services you'll get for your money. Doing this carefully can help you choose the best value in rental property management services.
Checking with the Better Business Bureau to see if there are any complaints against a property management group you're considering hiring is a good idea. Another good way to check on the reputation of a property manager is to drive to several of the properties managed by the company. Even if you can't get inside the buildings, you will probably be able tell a lot from how well the outside is maintained.
Anything more neglectful than one burnt-out light bulb should make you reconsider hiring a particular property management group. If you do like the cleanliness and maintenance level of the group's buildings, you can call and set up a meeting to discuss your property management needs. Be sure to find out exactly how your rental property will be managed.
A property management group you're considering should be able to tell you how tenants are screened and how the rent is collected. You should also find out how repairs will be charged to you and at what rate. It's important to consider all of your potential costs since these plus your management fees will have to be subtracted from any profit you hope to earn on your investment property.
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