How to Choose the Best Property Management Company
It can often be difficult to decide who to trust in taking care of a big investment like a vacation property, so you should leave no stone unturned when looking for the right property management company for you. But many people do not know what to look for and what to be wary of when they embark on this search. Of course, you should be looking for a management group that is honest, organized, and experienced, but how do you learn about their qualities? The following are just a few tips on choosing the right property management firm.
Find Referrals from Multiple Sources
As with any other service, referrals are perhaps the most important tool in the search for the right property management company. Talking to property owners and real estate agents who have firsthand experience with a particular company provides for some of the greatest insight. With that being said, it is very common to encounter bias one way or the other in many referrals. In getting as many referrals as possible, you will be able to see the situation as clearly as possible.
Explore the Company’s Work
By seeing how they are advertising the rental homes that they currently represent, you can get a good feel for how professional they are. Good advertising is a result of the quality of the advertisement itself coupled with the platform used. Are they advertising from multiple platforms or just using something like Craigslist? Do they have their own professional-looking website that attracts the right kind of people? Does it seem like it they are addressing the needs of the tenants even after they have checked into the rental property? All of these questions represent very important aspects of what a good property management company brings to the table.
Ensure They are Licensed and/or Certified
In many cases, the state will require any property management business to acquire a broker’s and/or property management license. You can easily check with the Real Estate Commission in your state to ensure they have the property licensing. This licensing ensures they are a legit business and they have at least a certain level of professionalism. It is also very telling if a firm has certification from an organization like the Institute of Real Estate Management, because it can only be attained through paying for and completing a challenging program. This type of certification shows the dedication and industry savvy of a company.
There are many tangible things to look for in this search, but it is always important to trust your instincts. If something does not feel right with a certain company, it is probably best to look elsewhere for the right property management. For more information, don’t hesitate to reach out to us!