A good property manager is worth a lot of money. So, how do you choose the best manager for your property? There’s no doubt that a property manager can make or break your investment. If you hire the wrong manager, you could lose a lot of money because rent payments will be late, and the property won’t be taken care of well. So, before you hire a property management company to take care of your most valuable asset, you should do a thorough background check on them. Here are some things to ponder when choosing a property management company to help you make the right choice.
Seek specialized expertise.
The field of property management is very specialized. You want a property manager who knows the latest rules and laws at the federal, state, and local levels. You also want someone with a history of dealing with the many factors that come with tenants and homes.
Find a company that specializes in taking care of investments like yours. For instance, companies focusing on commercial Bayside Management in Redwood City may be the best choice if you are trying to rent out a commercial property.
Lastly, stay away from real estate agents who do property management on the side to make extra money. Without special training, they won’t be able to take good care of your investment, and they are less likely to know about important laws and codes.
Confirm professional licenses and credentials.
People can manage properties in some places with just a real estate license, and in others, they don’t need any kind of license at all. Property managers and management companies that show excellent property management in Pacifica should be able to get the right licenses and professional certifications. Check with your state’s real estate commission to see if a property manager’s license as a real estate broker is still valid. Certificates and professional affiliations are better.
Examine reviews and references.
Before you meet with a property management company, look at its Yelp, Google, and Facebook reviews and comments. Always remember that some reviewers, like an evicted renter, may be upset about something that has nothing connected with how well the company does its job. Review sites like https://www.peninsulapropertymanagers.com/ that can be a great place to start when comparing several companies.
Ask a possible investment property manager for references from current customers and tenants. Pick up the phone and ask what each group has been through. Do the people in charge of the property respond quickly to questions from owners? Are they proactive when it comes to upkeep and filling empty spots? Are their prices easy to see and understand? The checks arrive on time.
Go over the property management contract.
The property management agreement spells out the business relationship between you and the property manager, as well as the roles and responsibilities of the management team. Given the contract’s importance, you should read it carefully and make any changes before signing. Make sure it has everything you want and nothing you don’t like.
Confirm if they have proper insurance.
You must ensure they have enough coverage for general liability, property casualty, and errors and omissions (E&O). Your agreement with the property management company may also require you to have enough insurance, which is a good way to protect yourself. Please ask your property management company about the insurance coverage you need.
Choosing the cheapest property management company in town won’t save you money if your renters don’t pay on time and the property isn’t well taken care of. You should choose someone you think has the skills, experience, and personality to run a rental property well. Look for a company that takes care of your property as if it were its own. Use these tips to narrow your search for a property manager and find the best one for the job.