If you have multiple properties, it is generally easier to hire a management company to oversee them for you. For instance, such a company can screen tenants, collect rent or respond to repair requests in a timely manner. Let’s look at how you can choose such an entity that is both affordable and can keep your tenants happy.
Which Management Companies Are Other Landlords Using?
An effective way to find a management company that best fits your needs is to ask other landlords who manages their properties. This can help you collect names that you can contact and learn more about on your own. Generally speaking, if a company is doing a good job for other landlords, the odds are higher that they can do a good job for you as well.
The Property Manager Should Interact Well with Tenants
You will want to be sure that tenants have an easy and effective way to get in touch with whoever oversees the property for the landlord. Ideally, an online system will be available to allow tenants to pay rent or make a repair request. This system should also allow tenants to express concerns about staff members or others who are creating a poor living experience if the property is part of a community.
The Manager Should Have Experience with Your Type of Property
If you are going to buy a single-family home, your property management company should have experience dealing with those types of properties. If you are buying homes that are close together in a rural area, whoever oversees the property should have experience with that as well. Choosing a person or firm with relevant experience can make it easier to supervise a property and meet both landlord and tenant expectations.
Find out Who Actually Does the Work
When a tenant has an issue, it needs to be resolved properly and in a timely manner. Therefore, it is important to know whether a property manager is going to do the work on their own or contract it out. While there is nothing wrong with subcontracting tasks, a landlord will need to vet those contractors as well.
As a landlord, it is critical that you keep your tenants happy. This means offering quality service in addition to charging a reasonable rent. If you can’t oversee a property yourself, it is a good idea to outsource that task to a competent professional or company that can do on your behalf.