Top 5 Tips for Choosing the Best Property Management Company
Approximately 41% of all rental housing owners are individuals.
However, screening tenants, handling repairs, and performing evictions can become overwhelming for a single person. When managing your rental property becomes too much, it's time to hire a property management company.
A good property manager can lead to higher tenant retention, fewer legal issues, and consistent rent collection and accounting. Finding a property manager capable of handling all these tasks requires knowing what to look for during the hiring process.
In this guide, we’ll provide the top 5 tips to help you choose the perfect property management company.
1. Determine the Type of Property Manager You Need
There are different types of property management services available, including residential, commercial, and multi-family property management.
A property management company specializing in residential properties will have a different set of skills than one focused on commercial properties. Make sure that the property manager you hire has expertise in your type of property and understands the local regulations.
2. Ask for Recommendations
Reach out to other property owners, colleagues, realtors, and contractors for recommendations. Additionally, check online reviews from platforms like Google and Facebook to gauge the property management company’s reputation.
Once you have a shortlist of potential managers, verify their credentials through the Better Business Bureau and your local Real Estate Commission for legitimacy and reviews.
3. Hold Interviews
Interviewing potential property managers is crucial, as you’ll be working closely with them. Ensure they’re as professional in person as they appear on paper. Set up face-to-face meetings or visit their managed properties for an on-site evaluation.
During these visits, consider speaking to current tenants to understand their satisfaction levels and whether their concerns are being addressed.
4. Important Questions to Ask
When interviewing property managers, always ask for proof of their success rate. They should be able to provide references or showcase successful management of properties similar to yours.
Request to see their property management license and any professional certifications. Verify these details with the Better Business Bureau and Real Estate Commission, ensuring there are no complaints filed against them.
Lastly, inquire about their insurance. A property management company should have general liability insurance and property casualty insurance to protect both parties.
5. Review Contract Details Carefully
Before signing any contracts, make sure that the services offered and their associated fees are clearly listed. This transparency will help avoid surprises when you receive invoices.
Contracts should include a timeline with a start and end date. Typically, property management contracts are one year long, but this may vary depending on the company’s policies.
Ensure there is a section on breach of contract and termination clauses, so you understand your rights if the relationship doesn’t work out.
Why Allegiant Management Group is the Best in Florida
At Allegiant Management Group, we take care of every aspect of managing your property—from rent collection, tenant screening, and evictions, to handling maintenance issues and legal matters. This allows you to save time and focus on your investments.
We’re proud to be among the leading property management services in Florida. Learn more about us here.
Disclaimer: The information provided in this article is for general informational purposes only and should not be considered legal advice. Always consult with a licensed attorney for specific legal guidance.
