Are you thinking of hiring a property management company to handle your rental property? How do you pick a good property manager?
I have had rental property most of my life. I had worked as a property manager for many years. Here are 10 things that one should consider when hiring a property manager.
1-Do they return your calls in a timely manner?
2-Do they give you copies of workorders and receipts for repairs?
3-Do they get more than one estimate on repairs?
4-Do they use a handyman whenever necessary instead of a contractor?
5-Do they do routine inspections or drivebys?
6-Do they check for hazards, leaves on the roof, unkept yards, or potential problems?
7-Will they take a picture of the property and send it to you?
8-How/where do they advertise your vacancy?
9-Are they raising the rents to keep up with the market?
10-Are they notifiing you if the rent is not collected on time?
These are all important aspects of property management. These items should be part of their monthly serive fee. Don’t let them collect their fee and then charge you for inspections & time getting work done – those should be part of their job.
A good property manager can make or break your investment. Don’t be afraid to ask questions or check on what services they are providing.