Find the Best Real Estate Companies for Management
Managing repairs and tenants can be tasking for most property owners. Here is how you can find the best real estate companies to manage your property.
Managing multiple rental properties is hard work. It is time-consuming and stressful to handle home repairs and tenant issues.
Did you know that for just 4 to 12 percent of the monthly rental rate you can hire a property manager? Property management services take care of these issues for you.
More importantly, a property manager frees up precious time to focus on investing and earning even more money. Read on to learn how you can find the best real estate companies to manage your rental properties.
Shop Around for the Best Real Estate Companies
The first place to look is real estate agencies in your region. The best real estate companies typically offer property management services.
You can start by searching the internet for reviews. Many real estate investors falsely assume that large, reputable agencies are safe choices.
However, this is not always the case as each real estate office should be evaluated separately. The reputation of the corporation at large may not trickle down to the field.
Another effective tactic is to use personal or professional referrals. If a trusted friend or business partner has worked well with a property manager, this is a huge vote of confidence.
Once you have a list of property managers with positive reviews, it is time for the next step.
Conduct Interviews with Prospective Property Managers
This is your opportunity to see if chemistry exists and a working relationship can be forged. In preparation for the interviews, you should prepare a list of work-related questions.
First, you should ask the candidates for a plan to manage multiple properties. This will give you a good sense of whether he or she is equipped to do the job.
Also, ask pointed questions about the properties they are currently managing. How many tenants have been placed in the last year? Were any of their tenants evicted?
Learn How the Candidates Place Tenants
This is an important part of the review process. It can be part of the interview process but should be supplemented by outside research.
Learn how the property manager advertises rental properties. If they have a website, check it out and see if it is an effective tool for placing tenants.
Most importantly, find out the average time it takes for the property manager to place a tenant. If the average placement time is excessive, it could be an indication their methods are not effective.
Review the Owner/Property Manager Contract
This is a critical step as it lays the foundation for a working relationship. First, the contract specifies what the property management fee is. Obviously, the fee is subject to negotiation and plays a large role in selecting the right candidate.
Additionally, the contract defines the roles and responsibilities of both the property manager and owner. It should cover property maintenance and repair. There are many important clauses covering everything from terminating the agreement to handling the tenant.
Wrapping It Up
Managing a rental property is demanding. Making house repairs and navigating tenant laws requires a certain level of expertise.
Finding a good property manager alleviates these problems. With thorough online research and an exhaustive interview, you can select an effective property manager.
The best real estate companies in your region likely have property management services. For more information, please contact us for assistance.