Renting out a property can be a great way to complement or even replace your main source of income. Many property owners, however, live hundreds of miles away from their rental properties, making a property management company the most practical option for ensuring that rents are received, the property is properly maintained, prospective tenants are screened, and all other aspects of property management are completed. Polaris Property Management, LLC has some nice tips on this.
Property management firms, like any other industry, have those that take their obligations very seriously and some that take advantage of their clients and go through the motions of handling their property. So, how do you make sure you do business with the former and stay away from the latter?
Here are some things to look for when hiring a property management company:
Keep in mind that this is a business deal.
This is something you can keep in mind when you interview various businesses. You want a company that has a lot of experience, charges a good price for their services, and runs their business responsibly. This is your farm, and you are ultimately responsible for it. Make sure you hire a property management firm that you can trust.
Inquire about their charges –
Don’t make price the most important factor in your decision. It’s fair to assume that the stronger companies would charge a higher price for their services. They are most likely providing more accountability and doing a better job. Only make sure that all arrangements contain the management fees.
Obtain a list of the other assets they are in charge of –
A reputable property management firm would happily provide you with a list of the properties they control. Visit some of their clients’ assets, get out of your car, and take a look around to see that they are managing them as well as they say.
Inquire on how they advertise job openings –
Vacancies are an inevitable part of owning rental property. Tenants come and go in commercial and residential properties, but the time it takes to find and vet a new one will make a big difference in your bottom line. To keep vacancies to a minimum, look for a property management company with a strong online presence to advertise and market your property.
Benefit and spending reports on a regular basis –
Again, your rental properties are your corporation, so make sure you and your company manage them as such by keeping track of income and expenses on a regular basis. These reports are a valuable business tool for keeping track of spending, spotting industry trends, and finding cost-cutting and revenue-boosting opportunities.
When it comes to reputable property management firms, both of these factors and more are excellent ways to distinguish the wheat from the chaff. Retain a property management company that has experience managing residential and commercial real estate in the Louisville area and provides personalised management plans to meet the particular needs of your situation, whether you live hundreds of miles away or in the same neighbourhood and would rather not handle your property yourself.