There are a lot of rental property owners who choose to manage their own properties, especially if they live within a short distance. They soon find out, like everyone else that has attempted to self-manage them, all the headaches and time-consuming tasks that can come along with it. There is always a toilet running or the air conditioner has conked out. The funny thing is they always seem to pop up at the worst of times. And don’t forget about the tenant that every week promises they will have the rent for you next Friday. There is always something more important that came up!
A good property manager can be the solution to have your free time back. So when looking for one here are a few good things to keep in mind. Do you want to find a property management company to manage an individual home, condo, apartment, or for an association, apartment building, or commercial property? We can help you. Having an efficiently managed property is important. Finding and choosing a property management company that will properly manage your rental property can be difficult. The following tips will ensure you make the right decision.
Choosing a company that is knowledgeable of the local market is one of the first criteria that you should look for. Hiring a management company that knows the local market means that your property manager knows what renters are looking for. A good property management company will look at a property as if they were a renter to help increase rental rates, lower turnover rates, and decrease vacancy time. The company should go through the property and advise you of smart and cost-conscious recommendations that will increase overall return while at the same time improving the property so that it becomes more desirable. A good property management company should always make sure that your property stays competitive in the rental market.
Next, you will want to interview the property manager or property management company. You will want to know how they find tenants. Do they have a marketing program that goes beyond their website? Find out how do they look after properties and respond to tenant’s maintenance requests. You will also want to find out how do they track income and expenses? Do they utilize property management software? Do they offer owner statements reflecting the property’s income and expenses?
It is always a good idea to find out how long they have been in business and how long they have managed properties in your area. Someone who is new and just starting out may not have enough knowledge to handle situations that may arise. Find out if they are members of any Real Estate management organizations, are certified property managers, or if they have received any specific training in property management. It also never hurts to ask if they have references; consider asking for at least three. Also, you want to get someone who is experienced with the type of property that you have. You need to look for a company that has a system in place. For instance itis always a good idea to request to see an example of their management report that they give to owners. What you are looking for is a report quickly generated from some kind of property management software and not something someone has typed up by hand on the spot. That’s an automatic red flag. That shows that they do not have proper rental bookkeeping methods in place. Remember you’re not looking for someone without a system. You even want someone who has a back-up for when he or she is on vacation or out of the office for any other reason. Make sure you review a copy of their property management agreement or contract and understand what the fees are for property placement and management. You want to make sure you understand the terms and conditions of the agreement and how often the agreement is renewable. You may want to even go as far as to check them out through the local Chamber of Commerce, the Better Business Bureau, or the real estate commission for any complaints.
Next, you will want to find a management company that uses a can do credit and criminal checks, income verification, and nationwide screening for previous eviction filings. How will they collect the initial security deposit and where is the money kept? What policies do they have for collecting rents and how regularly are rental payments made to the owner? What options are available for your incoming payment, do they offer direct deposit?
Will they handle arranging any necessary repairs and do they have qualified people that they use if you don’t have a personal preference or requirement for your property? Will they then handle paying any vendors and other bills out of incoming rent payments? Does the property management company set up a property reserve for minimal/insignificant repairs? You want to make sure that they arrange with you for any repairs over a certain dollar amount. Usually, this is in the range of anything over two or three hundred dollars.
Do they conduct periodic property inspections and inventories if the properties are furnished? Will they contact you immediately upon tenants giving the notice to vacate the property? Do they issue timely notices to tenants that are delinquent with rent or violating the lease agreement?
Ultimately, a good property manager is not always the one that charges the lowest fees. The ability to manage the property according to your requirements will differ and so it’s necessary to carry out a screening process. We hope some of these tips help. From your local Myrtle Beach Property Managers,By the Beach Properties