Property is an investment, and nothing is more frustrating than watching a property management company squander all of your hard-earned cash by letting your investments deteriorate. However, by following these six guidelines, any property owner can make an informed decision about a management company. Learn more by visiting Polaris Property Management, LLC.
1. Determine whether the company is familiar with the local market. It’s also critical that the business understands not only the local sales market, but also the rental market. This is the only way you can be sure the advice they’re giving you is trustworthy.
2. Inquire about their procedure. Some property management companies only add to the problem by hiring more people. They will try to persuade you that because they have the most employees, they are the best. To get the best service, you’ll need one person who knows your property inside and out. Attempt to combine the best of both worlds. Any property owner would benefit from having a personal property manager who is supported by a large team.
3. Have your property evaluated in writing. An assessment of your rental property should always be free, and it will give you a good idea of how the manager views it. When you have several evaluations from different companies, compare them side by side to see how they compare. This will give you a good idea of who truly sees and understands all of your property’s advantages over others.
4. Make a list of references. Inquire about other property owners who have entrusted the company with their investment. Some things you won’t be able to learn about a company until you become a customer, so the best way to learn about them before becoming a customer is to ask those who are already doing business with the company. You’ll be able to tell whether a company goes above and beyond to be the best.
5. Learn about the procedures for collecting data. It should take no more than a week for the money from your rents to be transferred from your property manager’s account to your own. If it takes any longer, you should turn around because something is most likely wrong. When you call the company’s references, this is definitely something you should inquire about with their other customers.
6. Keep in mind that the importance of relationships cannot be overstated. Being in property management entails getting to know your tenants, so what good is a company that doesn’t make an effort to build relationships with them? They should be doing a lot more than just collecting the renter’s check every month. When your tenants are content, you will spend less time worrying about your property sitting empty and losing money. A good property manager is adept at building and maintaining relationships with both you and your tenants.