In past blog posts, we discussed the return on investment properties increasing when you hire a property manager. Now that you made the decision to hire a property management company, how do you get the best property manager? Here are some tips on hiring an efficient and cost effective property management company.
First step is to do your research. It is important to find out all your options when it comes to property management companies. You are looking for a property manager who is familiar with the local market where your investment property is located. Check to make sure that the property manager is knowledgeable about the area because if the residential management company is not familiar with the local market, then it can hurt the investor’s return on the investment property. The property manager can misprice the rental, might not have reputable local contractors and might not know the local laws and ordinances, which can cause investors to lose money.
Second, check the potential property manager’s qualifications by looking to see if the property management company is a part of the National Association of Residential Property Managers (NARPM). Also, look for additional memberships to various local organizations and awards.
An important factor to consider is the ability of the property management company to access legal services. Attorneys are beneficial in providing the property manager knowledge of the local and federal fair housing laws and if needed, legal recourse for an eviction. Compliance with laws and ordinances can save the investor money. By having a property manager that has legal counsel, that keeps money in your pocket and keeps you out of legal trouble.
When choosing a professional property management company, decide which services you need most. When you have a clear idea of what you need, it will make the process of hiring a property manager easier.
All Area Realty has a vast array of services that will help with the day to day operations of your property. If you decide to go with full property management services, then you will have a little more freedom while knowing your property is properly maintained, and that any issues, that may come up, will be dealt with in a timely manner. All Area Realty makes it easy for investors to start their comprehensive building management services. Our property managers and staff are knowledgeable and easily accessible to both the property owner and the tenants. We make hiring a property manager as seamless as possible.