Tips on Finding a Property Management Company
It is very challenging as well demanding to manage a rental property. It requires both time and attention, something that might not be possible in case you have other busy schedules somewhere else. Since the task of managing the property for yourself is overwhelming, it is important that you find a property management company that can relieve you of the task. Below are some of the hints that you should follow while finding the best property manager.
The first consideration that you should make if finding a property manager who owns similar properties themselves. The essence if finding a manager with similar properties is that you are sure that they understand this type of business operations. You can as well hire a manager who may not necessarily own a property but is well acquainted about the operations of this kind of business.
The second aspect that you should consider the number of other properties that they are managing at the specific time. You should find out whether the manager has other properties at the moment that they are managing. You should ask for referrals on some of the properties that are under the custodian of this manager and ascertain their condition as well as the level of services. In case you find out that the manager has maintained high services in the other facilities under their care, then you can entrust them with your property too.
The third factor that you should consider is the property management fee. The management fee charged is dependent on the amount of task the manager is to do in your facility. It is important to note that the standard management fee is often 8-10% of the rent collected and therefore you should not be exploited. Moreso, it is essential to note that paying your agent well can motivate them to work harder and generate more money to you.
Another consideration when finding the manager for your property is their accessibility. You should find a property manager who can be easily accessible when you require them. You should sort this issue of communication with your manager and ensure that they have a seamless method of communication. You should ensure that they is always proper communication between the two of you when the property manager is not around.
The last critical aspect you should consider when finding the best property manager is their ability to screen tenant as they apply for a house. Screening is important as you are able to determine the background of an individual as well as their credit histories.