The 411 on Real Estate Owned (REO) Property Preservation
It becomes a lot easier for a property investor or landlord to manage and preserve a portfolio of properties if he has the help and support of a property manager or asset management company. By paying a certain percentage of the monthly rent collected, you can become free from the risks and stress of looking after your property and the tenants yourself.
How are you supposed to decide which property management or asset management company is the best one to look after the affairs of your rental property? Here are some tips to help you find the best solution for you.
ASK AROUND AND GET REFERRALS
Word of mouth is a great way to find a good property management company for your rental property or properties. However, consider that the person you’re asking for a referral may be biased towards a company or service. It’s a good idea to get multiple referrals from different sources to find a company that is ideal for your requirements.
CHECK ONLINE
The internet and social media are good places to start your search for property managers from the area where your rental property is located. Once you find a few of these companies, be sure to check out their ratings and reviews to choose the company that you think can best handle your specific needs in regards to your property.
INTERVIEW DIFFERENT COMPANIES TO FIND THE BEST FIT
Schedule consultations with different companies to explain your requirements and learn about the views of the companies. Meeting in-person reveals many new aspects of the property management company while you also learn about their terms and conditions. Basing your decision on your findings makes it easier to select the company that’s right for you.
LEARN ABOUT HOW THE COMPANY HANDLES VACANCIES
Vacancies can be big headaches for owners of a rental property. Some property management companies charge a fee for the total number of units while others do not charge a fee if the unit remains vacant. It’s important you ask how the property management company will advertise and rent out vacant units in your rental property before finalizing the property management agreement.
LEARN ABOUT THEIR TENANT SCREENING PROCESS AND METHODS FOR RENT COLLECTION
Two of your primary concerns as the property owner are timely receipt of monthly rents and selection of good tenants in your property. Bad tenants can mean big trouble as an investor because they are more prone to damaging the property. Get a good understanding of how the management companies handle these tasks as they are both pillars for you as a landlord.
When looking into hiring a professional property manager it is very important to do your due diligence and look into all of the above points that were addressed in this article for each management company that you interview. Choosing the property management company is an important decision for you as a landlord and investor and we want you to make the best one for you and your family!
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