Real estate is a great investment opportunity but it requires constant work to generate an income. And many times it can be difficult for the owner of real estate to look into the day to day operations of the property as they will be engaged in financial operations, administration etc.
You need to pick a good property management company that you can trust to take care of your real estate. They will take care of the daily minutiae of the property and keep you in the loop regarding recent developments and concerns. A property manager will ensure that rent is collected on time and if there is delayed rent, they will negotiate with the tenant. There are also situations where a tenant defaults and the property manager will oversee all legal requirements needed to deal with it. They will also provide bookkeeping, property maintenance, looking for new tenants etc. And you have to hire somebody trustworthy and reliable so they don’t damage the property or skimp on management. A great way of selecting a reliable property manager is to get referrals. Your real estate agent can also provide referrals. If you know anyone who has investments in the same area, you can ask them for recommendations as well.
You can check the real estate commission in your state to see if the referred property managers are licensed. This will also let you know if they have any complaints against them. You can carry out a Google search for property managers in your area and go through online reviews and customer testimonials on their official website to get an idea of their service. It is always good to work with a list of property managers and shortlist them according to what you find in your research. You can then interview the shortlisted property managers to get an idea of their strengths and how they can help your investments thrive. Take note of the first impression as this is what your tenants will see as well. Are they well-spoken and do they communicate well? How do you think a prospective tenant will react to them?
There are sure to be vacancies now or in the future in your property and filling these vacancies is what ensures your consistent monthly income. Therefore, it is essential to find out how they will be screening tenants and filling the vacancies. You can ask the property manager about how they advertise vacant real estate and where these advertisements will be displayed. Think about your ideal tenant and whether this method of advertising will appeal to them or be accessible for them. You can also ask about the properties they have managed so far and are currently responsible for. Ask them about the vacancies for the current properties and how much time they usually take to place a tenant. You can also get a lot of information from the official website of the management company. Check how easy it is to find their rental list and the different features the website offers.
