Selecting a Property Management Company

April 28th, 2014 by Dodie

Selecting a property management companyIn selecting the right property management company to meet your needs, it is more important to pose these questions:

  • How can this company help me ?
  • What Services do I Need form property management ?
  • Does this Service have a proven reputation ?

instead of ‘Which company has the biggest and brightest Ads?’. These are important questions to ponder for yourself as you engage in selection, as well as to pose to each firm you are considering.

Just as it is a fundamental step to conduct a comprehensive background check for prospective Tenants, it is also a basic task of Property Management to conduct an assessment of your particular property management Needs, and review of which companies will best provide the services to you. With the background check, we want to ensure that we are renting to tenants who not only have the financial ability to consistently afford the obligation of Rent, we also want to determine if prospective tenants are of Good Character as safe neighbors for our already reliable tenants.

So, too then, should you exercise prudent evaluation in choosing a property management firm.

In choosing a property management firm it’s better to remain focused on what it is you as a landlord need, rather than be seduced by all the Razzle-Dazzle of the company’s self-promotion. As with most major purchases, or investments, some investigation and some evaluation are in order. Consider how much is at stake, in your own time, energy and money in your property, as you cultivate it into  a steady source of reliable Income.  Approach the choosing of a property management Company as you would hiring anyone else to work at, or rent, your property.

You will discover during your research into property management companies that some companies provide everything from Handyman and Gardening Services, to On-Site or On-Call Electricians and Plumbers, to Financial and Legal Services. Some companies handle only the Property Maintenance services, while others specialize mainly on the Financial and Legal aspect of  owning and renting properties. Therefore, a good approach in selecting the company that’s right for you, is to make a ‘wish-list’ of what the ideal property management firm will provide to meet your particular Needs, and use the ‘wish-list’ as a guide in your selection of  a company.

For example, you as a landlord may already have employees, or existing contacts, or even Contracts, with Maintenance Service Providers, but need help with the Financial and Legal end of things. Or, the reverse situation might be true. Or you may be a property owner/ landlord who needs all these services. That is where the ‘wish-list’ serves as an important evaluation tool.

Naturally, this process will involve an Internet Search of available Services. It is wise though, to not restrict yourself to only the Internet Search. That’s an easy place to fall to the allure of bells & whistles. Telephone conversation with live human beings, using your ‘wish-list’ as a guide to conduct an interview of any prospect, is as prudent as the same type of conversation you would have with a prospective tenant.

Another human resource to utilize is any existing contacts you have through either professional or personal association with :

  • Landlords / Property Owners
  • Accountants
  • Attorneys

Ask these people among your contacts, if they have any experience with or recommendations of property management services. Another tip is to ask any prospective Hire, for the names of any properties the firm manages in your area. Contact with people at the site, your own visual observation, will yield prudent results. Protect your Investment, investigate and choose.

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