If you own a rental property, then you probably already know how much work it can be to find a tenant, collect rent, and perform routine maintenance. For these reasons, many landlords turn to a property management company to assist with day-to-day responsibilities. The problem is some management companies can be unreliable and can make your problems even worse. Luckily, we have some expert advice to help you find the right property manager for your rental.
Ask for Referrals
It's vital that you trust your property manager. Start your search by getting referrals from people you already know and trust. You can begin by asking your friends and family or reaching out to local real estate professionals you have worked with in the past, such as a realtor or community association manager (CAM). There are also countless online resources where you can check out reviews and ratings from places like the Better Business Bureau (BBB). Once you have narrowed your search, make a list of your top three to five choices, and set up interviews to gather more information.
Remember, Communication is Key
From the beginning of the process, take notes about how the companies communicate with you. Dealing with rental properties requires constant communication between landlords, renters, maintenance specialists, and more. Ensure that the company you ultimately select puts a priority on prompt, clear communication that they will carry on throughout your business dealings with them.
Explore Their Prices & Fees
The cost is an essential factor with any decision. Be sure to compare rates amongst the companies you are considering. Beware of companies that try to hide fees and other costs to make their prices seem more competitive. Typical expenses include 5-15% of each month's rent and a leasing fee up to the amount of the first month's rent. Additional charges may consist of lease renewal fees and other costs for things like filing insurance claims.
Make Sure They Can Help With Your Rental Goals
What are your goals for your rental property? Do you want to maintain your property, make additional income, or something else entirely? No matter what your goals are, discuss them with the potential manager and make sure they are well-positioned to help you meet those goals based on their experience and feedback. For example, if you want to increase the earning potential of your property, then you may want to find a company that understands your local market and can help you quickly fill your rental at an optimal price.
See How They Handle Renter Screening & Vacancies
One of the main reasons property owners reach out to a property management company is to help them find reliable, consistent renters. Be sure to ask how the management company’s process works. How do they find renters, and what is the screening process after potential renters apply? Unexpected vacancies happen, and you will want to know how your new management company handles them.
Put Their Technology & Software to the Test
A key component of finding new renters is leveraging technology. Advances in online applications and tools can help make managing a rental property more straightforward. Ask what technology the company is currently using and try it out whenever possible. Check out their website, online listings, and consider asking for a trial of their homeowner or rental interfaces for things like making online payments or submitting maintenance requests.
Review & Negotiate Your Contract
The last step to selecting a property manager for your rental should be reviewing and signing a contract. This final paperwork is your opportunity to negotiate potential fees. Review the details carefully, and make sure your contact information is correct. If necessary, you can also have a lawyer review the contract for you.
The Only Rental Management Company Backed by Associa
RHOME is the only rental management company backed by the national resources of Associa. Their commitment to communication, technology, and transparency is helping landlords across the U.S. and Canada save time and money on their leasing and property management needs. You can learn more by visiting rhomepm.com today.