A good property management company is a valuable asset to your business. Hiring the right property management company will protect the value of your rental property, as well as maximize its profitability. Finding a qualified company that will suit your situation takes time, but the benefits are truly worth the effort. Here are some tips for choosing a good property management company.
Start by asking for referrals. Get recommendations from other investors and your local apartment association. Join a real estate investment or property owners association. Talk to your realtor and your banker. The Institute of Real Estate Management (IREM) at www.irem.org/ is a good online resource.
When you have found a few companies that seem like good possibilities, research their reputations.
First, check with the Las Vegas Better Business Bureau. Then go to local online business review sites at YELP, Yahoo Local, Google Places for Business, and City Search. Visit their social media sites on Facebook, Twitter, and Foursquare. See what comments people have left. What do their social media accounts look like and what information do they offer visitors and followers? Do they let people leave comments?
Look at their local advertising? Are the ads professional looking? Are they well written? Are there good images of their rentals included in the ads? Where do they place their ads? Are they placed only in free sources?
Drop in at some of the properties they manage. Are the grounds well groomed? What are the conditions of the building exteriors? Are the interiors clean and odor free? If possible, talk to some of the tenants. They will be your best source of information about how responsive a company is in dealing with complaint issues. Ask if the buildings are quiet. Is the exterior lighting well maintained? The answers to these questions will tell a lot about how well or poorly a company performs its responsibilities.
Based on your research, decide which businesses interest you and set up appointments to interview them in person. Pay attention as to whether they answer their phones quickly? How long does it take to for them to respond to your phone message or email? Are the people setting the appointments friendly? These factors will give you a good idea of their professionalism and if they will be efficient in ongoing communications with you.
The right property manager will help to maintain the value of your investment. Keeping your property well rented and maintained will result in higher profits for you. It pays to be highly selective when choosing the right management partner. In our next article, we will explain the important questions to ask during your interviews.