Insight To A Successful Property Management Selection Process
Property management for your rental property is an important detail that you cannot gloss over or do yourself when you don't have the training or the time. Without good property management, your rental is going to have income loss and expenses that overtake any potential cash flow. For this reason, it is important to pay attention when you are looking for a professional property manager. Here are some tips to help you as you look for a property management agency to handle your rental properties.
Look for the Right Services
A rental property has specific needs based on its location, type of property, and age of the structure. In order to best care for and manage your rental property, you need a property manager that is going to address its needs to stay up on its cash flow, rental income, tenant screening, and property maintenance. Look into a property management agency to find out what types of services you will need and what they can provide so you find a good match for your rental.
The property manager that you hire should have a thorough screening process for all new tenants. This should include evaluating their credit and completing a background criminal check. You want to make sure any new tenants that move in are going to be responsible tenants who take care of the property and can pay their rent. Make sure your property manager will have good bookkeeping skills to help make it easier to file your taxes each year. They should also be able to take care of any maintenance needs in a unit in a timely manner.
Evaluate Their Portfolio
When you are looking for a property manager, the types and number of properties they currently manage can be a good way to evaluate their services. Not every property manager will have the same type of properties and same processes. Some only manage residential properties or commercial properties, and some manage a combination of the two. Find out what types of properties they manage and how many they have in their portfolio.
It is a fair question to ask a property manager how many properties they manage and if they are single-family homes, multi-unit properties, or commercial properties. If there are multiple units or commercial properties added in, they should have several managers that handle all the different units. You don't want to hire a property manager that is stretched too thin over too many properties because they won't be able to give your properties the attention and work they needs.