Additionally, it is important to choose a company that you feel comfortable working with and is a good fit. Your property management company is an important part of your property investing team. Get the right people on board to make sure that you will be making the most of every investment property. Here are some ideas on how to efficiently vet a property management company before hiring one.
Ask for References
One of the first things you should do when researching a property management company is to speak with current or former clients. Asking other property owners who have worked with that particular property management company about their experiences will help you get a feel of how it will be like to work with them.
Check Qualifications
You must also look into any property management company’s qualifications and credentials. Check for current and correct licenses on top of the property manager’s background and experience. As states have different requirements for certification, it is important to know exactly what you are getting yourself into.
Ask Questions
On top of asking about the Kailua manager’s references and experience, there are many other questions you should ask them. The time to ask questions is before you hire a property management company, not after! There are lists of questions you should have answers to before signing any management agreement.
For instance, you will want to know the property management company’s track record, the number of clients they have, and how they communicate and interact with you and your tenants.
It is also important to know the details of their fee structure and contract:
- Are their fees listed and transparent?
- How will they go about the preparation and marketing of your property for your tenants?
- How will they handle property maintenance and repair requests?
Knowing that having good tenant relations are vital in maintaining a profitable rental property, make sure to ask how they screen tenants and what steps they take to ensure that your tenants are treated pleasantly and respectfully. It is also a good idea to be familiar with the types of technologies the property management company uses to make owning rental properties more efficient, from collecting rent to running reports.
Another thing to look for in a property management company is its capability to provide good and timely information on your rental properties so you can make future decisions about your investments. The best property management companies can even help you optimize your cash flows, locate new rental properties to buy, and much more.
If possible, pick a property management company that can give you the advantages of a large national reach with a high level of local market expertise as well. If you want true quality in your property management experience, contact Real Property Management Alliance. We offer a full range of high-quality services to property investors and owners like you. Contact us online or call at 808-427-0611.