The right property management company can make or break your real estate investment. With new individual property managers and companies popping up in hot markets, it is important to find the right representative for your real estate investment property. So, how do you tell illegitimate property management companies apart from reputable companies?
Do some initial research on the company and see what their outbound messaging and branding portrays. Ask around town. What does your realtor have to say about the company or property manager? An illegitimate solo property manager or company rarely has adequate online visibility or local reputation. After initial evaluation, think about these seven questions when you are choosing a property management company for your residential or commercial real estate investment property.
How long have they been in business?
What is their team’s expertise?
Do they hold licenses? If so, what licenses?
What is your first impression?
How do they market their properties?
What is their screening process for tenants?
How do they plan to maintain your real estate investment?
What is their protocol for financial tracking and reporting?
If you are satisfied with the answers then there are two things left to talk about:
Their property management fees, and
The property management contract.
It is important to find a company that will not only collect the rent and other fees, but will also handle the day-to-day needs of your renter and maintain your property. A good management company is worth their rate in gold so it is worth your time to become adept at learning how to properly evaluate the company taking care of your investment.