If you’ve decided to invest in real estate, whether residential or commercial, you may reach a point in your new venture, which is not possible or practical as you can manage the properties personally. Administration of a property can be overwhelming, especially if you are new to the business, or have other work to do. Engage a property management company is a good way to deal with your tenants, maintain your property and still make money.
Join a group of local real estate investors. Most cities have a group of real estate investors, where they can discuss issues, meet suppliers (as managers of properties, for example) hear speakers and exchange information. Those in your local group will have the scoop on who the best managers of properties in the area.
Write a list of tasks that you would like to make a property manager. Look at the websites or brochures of area businesses and see what services they offer. You may want to do all these services or only some. For example, you may want to collect rent but still want the property management company responds to emergency calls and take care of the problems of maintenance .
Interview several companies. Ask for references and call them. Note whether these are the kind of people you’d like to try if you are a tenant. The tenants know their rights and expect good service, so make sure that the property management company you selected it can provide .
Make sure your property manager is at least one member of the Institute of Real Estate Management or a real estate broker certified by the state. Although not usually required in most states that a property manager is certified in anything having a manager who is a broker ensures your money is protected in the trust account of a broker.
Consult a lawyer before hiring the services of any property manager to ensure that legal protections are put in place and whether there may be problems in the future.