Some individual real estate investors choose to manage their own properties, but many find that the responsibilities of being a landlord is more than you can handle. Choosing a company to manage your property, whether it is an investment property or your home while you’re working in another city in a medium-term basis, is a key decision that may have significant financial ramifications. There are factors to consider, ranging from the reputation to pricing structures in the services provided.
Compare pricing structures and services of at least three different management companies properties. Ask questions to make sure you’re actually comparing equivalent leasing and management services not only have the same name. While some leasing companies offer packages of all inclusive property management from the beginning, many offer “leasing services” and additional services such as property maintenance and repairs, garbage collection or security at a cost extra .
Requests and verifies at least three references for each property management company. Do not hold back from asking difficult questions, such as “Are you still working with the company?” and specifically, “What services are being provided and at what price?” but do not push the person who serves as a reference if you do not want to give too much detail. You should also make sure that no active complaints against companies in the Better Business Bureau.
Investigate to see what property management companies guarantee you have income revenues deposited in your bank at the beginning of each month. Avoid companies that make no warranties or guarantees only the funds you deposited the 15th of the month or later. You, not the management company must receive the interest of those funds.
Ask to see the tenant satisfaction surveys or even talking to a couple of tenants today . Satisfied tenants are a typical sign of a company honest administration and is professionally operated.
Evaluates all the above criteria to decide on the best property management company for your needs. Although cost is an important factor, it is also important to consider other factors such as reputation, service and relationships with tenants in making your decision.