What if you never had to worry about rent collection, maintenance, or tenant screening again? With full-service property management, you can sit back and relax. You can feel confident knowing a property manager is handling your residential properties.
There are over 296,400 management companies in the US. The industry has grown over the past five years.
Not sure how to choose a full-service property management company? Read on for tips to find property management that suits your needs!
Assess Property Management Experience
Remember, the industry has grown. The sector now employs over 877,990 people. Some of these property managers lack experience.
Prioritize finding an experienced property manager you can trust with your investment properties. Determine how long they've worked in the industry. Ask how many residential properties they managed in that time.
Make sure the company has experience with residential properties. If they specialize in managing commercial properties, keep searching.
Discuss Strategies
Look for a property manager who can act on their feet. They should have strong problem-solving skills.
Ask about the challenges they faced. What solutions did they use to help their clients?
For example, maybe their client had a high number of vacant residential properties. Ask how the property manager marketed the available listings. Determine how they increase lease renewals.
Look for companies that have processes already established. Their processes can improve efficiency and minimize human error.
Explore Management Services
A full-service property management company should offer everything you need under one roof. Their services could include:
- Rent collection
- Maintenance and inspection
- Marketing
- Tenant screening
- Accounting and reporting
- Evictions
Ask about their processes for each service. Determine how they'll customize their services based on your expectations.
The company shouldn't use a cookie-cutter approach. Your residential properties and tenants have unique needs. If the company can meet your expectations, keep searching.
Hear From a Property Owner
Ask each property manager for at least three references. Prepare a list of questions you want to ask each property owner. For example:
- Is the property manager professional?
- Are they always on time?
- What services do you request?
- How have they improved your profitability?
- Have you encountered problems?
Check online for additional client reviews. Look for a company with a strong, positive reputation. You can feel more confident choosing a company other owners already trust.
Compare Costs
Ask each property management company for an itemized list of all services they offer. Compare fees between three local companies.
Review each company's contract. Avoid any company that charges hidden fees.
Instead, look for a company that offers a guarantee. These companies have their clients' best interests in mind.
Find Full-Service Property Management
Don't rush when choosing a full-service property management company. Instead, gather detailed research. Make an informed choice based on your unique needs.
With help, you can increase profits as a property owner. You can trust our team at PMI of the Triad.
We have 20 years of local experience supporting property owners like you. Rely on our state-of-the-art technology and effective strategies. Contact us today to discover how we can support your real estate endeavors.
