How to Pick a Property Management Company

If you own rental properties, there are many advantages to hiring a property management company to oversee your homes, find tenants and collect rent on your behalf. While there are many management companies out there that you can select from, you may be looking to hire the best property management company for your needs. Read on to learn more about the questions you should be asking a property management company to help you hone in on the best one for you. 

Find Out How Long a Management Company Has Been Serving Your Specific Area

As you look to hire a property manager, one of the things that you should consider is how long the company has been serving the area where your rental property is located. Managers or management companies who have a lot of experience in one place know that market inside and out. They know how much properties rent for, how to attract renters and even what types of upkeep homes in the area need the most. Always find a company that has experience in the area your investment property is located in. 

Inquire About How Much a Property Manager Feels They Can Rent Your Property Out For

Another important bit of information that you want to find out when you are looking to hire the best property management company is how much they think they can rent your property out for. It is not unusual for a property owner and a property management company to have a difference of opinion when it comes to rental prices. You want to find a company who can help ensure you get the most out of your investment property, without deterring renters with a price that is too high. Asking this question before you hire a company helps to ensure you and the property manager are on the same page about how much your rental property should rent for. 

Ask What Types of Services the Property Management Company Provides

One of the areas where property management companies differ from one another is in the types of services that are offered. One company may simply help you to find renters and collect rent, while another may maintain the property and help when repairs are needed. One company may be able to help you file eviction papers if renters are late paying rent, while another company may tell you that you need to hire a legal professional to help with legal issues, such as eviction. Always ask what types of services a property management company offers and ensure that those services align with the types of services you are looking for in a property management company. 

Learn How a Company Finds and Screens Prospective Tenants

The goal of any investment property is to maximize the amount of money you get out of the property. Always having the property rented and having tenants who pay their rent on time is key to accomplishing this goal. As such, it is always important that you learn how a company finds and screens prospective tenants. Do they put a for rent sign outside of the property or do they do online marketing? Do they screen their tenants and conduct background checks or do they simply look at paystubs? Always ensure you know what the process is like and that it meets your expectations. 

Always Ask How Much a Company Charges in Fees

Finally, always take the time to ask about fees when it comes to a property management company. Do they charge you a flat fee for finding tenants or do they take a percentage of the rent each month? Do they collect the rent and take fees out of the rent, or do they forward all of the rent to you and send you an invoice to pay? There are different fees that may be charged and different ways that these fees may be collected. Always find out about fees before signing a contract. 

If you are looking for the best property management company, knowing what questions to ask is important. This helps you to start learn some of the key differences between the various property management companies that are out there, and ultimately, helps you to find the one that is best ideal for you. As you look to hire the best property management company, look no further than Chandler Davis Smith Real Estate. Our team can help you with all of your property management needs. Reach out to us today to learn more.