Approximately 41% of all rental housing owners are individuals.
But screening tenants, handling repairs, and performing evictions is a lot for one person to handle. When you're feeling overwhelmed caring for your rental property, it might be time to hire a property manager.
A good property manager provides higher tenant retention rates, fewer legal issues, and consistent rent collection and accounting. Finding a property manager that's capable of all of that and more means knowing what to look for in your hiring process.
For that, we've got you covered. Keep reading for our top 5 tips on choosing the perfect property management company.
1. What Type of Property Manager Look For
There are different types of property management. These include commercial, residential, and multi-family property management.
A property management company for a residential property has a different type of expertise than those that serve commercial properties. You'll want to be sure that the company you're working with are experts in your type of property as well as your location.
2. Ask for Recommendations
Ask property owners, colleagues and friends, realtors, and contractors for recommendations. You should also consider checking online reviews to find the best property manager near you. Have a look at Google reviews and their Facebook page, too.
When you have a shorter list of potential property managers, there are two places you can check for further assurance regarding the legitimacy of the company. These are the Better Business Bureau and the Real Estate Commission.
3. Hold Interviews
Keep in mind that you’re going to be working with these individuals frequently. You’ll want to know if they’re as pleasant in person as they are on paper. So once you've narrowed down your options from step 2, set a time to meet those individuals face to face.
One great way to do this is to visit them at one of their properties. An on-site visit gives you an opportunity to visually evaluate a property management company. You might also ask to speak to the current tenants to see if they're happy and their complaints are heard.
4. Questions to Ask
First, you'll want to ask for proof of their success. A record of property management instills confidence that they have effectively handled property like yours before.
You'll also want to ask for their property managment license as well as proof of any professional certifications. You can double check that licensincing as well as ay complaints against them through the Better Business Bureau and the Real Estate Commission.
Last but certainly not least, be sure to ask about insurance. A property management company should have general liability insurance and property casualty insurance at the least.
5. Important Contract Considerations
It's important to include all services rendered and associated fees in the contract. Make sure that this is transparent so there are no surprises when you receive your bill.
There should also be a timeline in the contract. This will specify the start and end date of the contract. It's typical to sign one-year contracts with a property management company.
A breach of contract section should be included. This will cover breach of contract rules and termination clauses and fees.
The Best Property Manager in Florida
A property manager collects rent, does all tenant screening and evictions, and saves you enormous amounts of time and energy. Knowing what type of property management to look for, holding interviews, and meeting your property manager face to face gives you the best chance at finding someone perfect for you.
We offer among the best property management services in Florida. Get to know more about us here.
