There are many things you should consider when searching for a rental property management company. A good property manager is something that many apartment and commercial investors are realizing can make the difference between a profitable investment and one that fails to deliver.
Okay, now you might be asking "How can I find a good property management company?"
1. Research
Start your search by researching potential property managers. You may only have a few companies to choose from depending on how big your market is.
Online research is possible. You can search for reviews and comments from tenants and owners, as well as information about companies. With that, you can also appoint professionals of a property management company through Propertyscouts.
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2. The Interview
You will need to arrange a visit to the office from the "shortlist" you have compiled during your research. This is a meeting with your potential property manager. This interview can be done at their office or at the property you wish them to visit. Ask them to provide a list of properties they manage, as well as references for owners.
3. Property visits
Next, you will need to take the following list and drive it. Contact them. You can do whatever it takes and what you have the time for. It is important to have a pulse on their other properties and how they are operating.
4. Contracts
Okay, it's time to make a decision. Which one do you think is the best? This will depend on your research, office visits, property visits, referrals, and other factors.
5. Regular inspections and review
After you have selected a property management company to manage your properties, you must conduct regular inspections of the units. If possible, I recommend that you inspect your units at least twice per year. You will be able to monitor any residents or property issues during this inspection. You must be involved as an asset manager and not leave it up to your manager.