Are you a homeowner with one or more rental properties that you need to be looked after?
When you’re building a portfolio of income properties, you eventually get to the point where it’s too much work to look after each and every one. Whether you’ve got several rentals, houses being flipped, or idle investments, you might need to find someone to look after them.
That’s where a property management firm comes in. In this post, we’re going to tell you what to look for in the best property managers in your area. You need to find someone you can trust to look after your properties, so keep reading and we’ll help you find the best candidate for your rental properties.
Look for Specialized Experience
When you look at property managers in your area, you should always prioritize the type of experience they have. If you own a few single-family properties as rentals, then you want a property manager who has experience with single-family homes and not apartment buildings or commercial spaces.
You’ll need your property manager to be well-versed in the federal, state, and local laws governing property management, as well as landlord/tenant laws. Stay away if their level of experience doesn’t jive with your needs.
Certifications and Services
Depending on where you live, there are going to be different certifications and licenses that a property management firm needs to have to advertise its services. In addition to experience, your property manager should be able to back it all up with certifications of some kind.
While you’re investigating this, take a look at the specific services that they provide. For instance, a good rental property management firm should maintain the property, post rental advertisements, find and vet tenants, collect rent, and deal with any evictions, should they come up.
Looking at Reviews and Testimonials
If you can get property manager referrals from any fellow property owners, that’s a great place to start. Failing that, you’ll have to do your own research and there’s nowhere better to start than with a Google search. Look at Google and Yelp listings to get a sense of each company’s reputation.
You can learn a lot about what it would be like to work with a given property management company by what their past customers are saying about them. If they’ve got a great average star rating with rave reviews, then you can automatically place them on the short-list of quality candidates to look after your properties.
Examining Fee Structure
The last thing you’ll want to inquire about is the fee structure. If you’re going to be giving some of your monthly rental property income over to a property manager, then you’ll want to know how much it is and how they’re obtaining it. This should all be laid out in a contract along with the services that they’ll be providing and the terms of the agreement.
Find the Best Property Managers Near You
Now that you know how to find the best property managers, you can start the search ASAP. Once you’ve got a great property manager, you can sit back and finally see your property investments become the passive income you always wanted.
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