A Guide to Hiring a Property Management Company
For real estate investors looking to make a return on investment on their portfolio, it’s important to work with a property management company. The professionals in these companies are only second to the properties you own that they manage. Some of the critical decisions regarding your real estate investments will be made by the property management company you hire. Therefore, before hiring, you should research well to find the right company. Here are some questions you should ask yourself to determine whether you need a property management company.
What is the company’s location?
Find out how far the property manager lives from the rental property. You can know how frequently the manager can visit your properties based on where he or she lives. A manager that lives close to the property will be able to make regular visits to carry out collections, inspections or maintenance.
A property manager that lives far from your properties may request for higher fees because of the travel expenses. Moreover, being far away can make the manager tempted not to carry out inspections are regularly as they are required. This can lead to substantial losses from your investments.
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Look for a manager that can make monthly scheduled visits. You also want a manager that lives nearby just in case he/she will have to attend to an emergency at night. Make sure the property managers of the company you choose will be able to easily access your properties at any time.
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How tolerant is the property manager?
You should also find out how the property manager handles stressful situations. Find out how tolerant the property manager is. Determining this can be tough. Most people like to think themselves as level-headed and even-keeled. However, property management has a lot of ups and downs. It is important to hire a tolerant person who can handle the ups and downs of the industry.
Collecting rent seems easy. However, some unanticipated problems can crop up during rent collection. Some of the problems will easily break someone who is not tolerant. Find out how the manger will react in case unfortunate events happen with tenants.
Will your portfolio stretch out the company?
You should also find out how many properties the company is already managing. Management challenges usually happen when a company starts to increase its portfolio of sites. This is bound to happen if the workers of the real estate management firm are too few for the properties they have to manage. Confirm from the property management agency whether its employees will be able to manage your properties without straining.