Finally, after much thought and deliberation, you have decided to get into the real estate game, specifically rental properties. Well done, and welcome to a fulfilling and potentially lucrative industry. However, if you are like most of us, you will find it difficult to handle the day to day responsibilities of managing those properties. With collecting rent, dealing with maintenance, and finding new renters, it can be an overwhelming responsibility. Regardless of whether you have a single rental home or a plethora of apartments, it’s no small task. That is why many property owners work with a property management company.
So how should you go about selecting a property management company to work with? In any large market, you will find that there are numerous options to choose from. It can be difficult to sift through all of them to choose the one that is the right fit for you. I would suggest that you look at three factors in your selection process.
First of all, you need to examine the reputation of any companies you are thinking about. Put your ear to the ground and hear what others are saying about the company. Of course, you’ll want to check with obvious sources like the Better Business Bureau, but in today’s world it’s just as important to look at references like Google Places and Yelp. Look for the overall trend of reviews when looking at online sources of information. A stray negative review every so often should not discourage you, as they may have even been left by competitors, but if there’s a pattern of negative reviews, you need to be cautious.
If you have the opportunity, talk to current tenants who are renting properties through the company. If they are unhappy with how they’re being treated, you’ll probably have disgruntled renters as well if you sign with their company. A poor reputation with your renters could stick with your properties even if you switch to a different management company.
The second factor you’re going to want to take a look at is the reach of the companies. Are they well established in your community? How do they market properties? Are they too committed to one method of promotion? It’s important to know that the company has the ability to get the word out to potential renters.
Third and finally are financial considerations, although just because I’ve mentioned money last don’t take that to mean I think it’s unimportant. Of course, you have made a significant commitment to your property, and you deserve to get a good return on it. However, I am saying that if your choice is between two companies, and one looks like it would be easy to work with while the other is challenging, you are definitely better off to go with the former even if your profit margin might be slightly less.
In the end, you will have to take a balanced approach when finding the best company to handle your property. After doing some investigation, you should be able to find most of what you are looking for: strong reputation, great reach within the community, and a financial arrangement that makes you feel like you are getting the most out of your property. What is boils down to is finding a partner that you feel good about managing your property, someone you can put your faith in. Because in the end you are truly in a partnership with a property management company. You’ve got to know you are working with someone you can rely on.
Principle Property Management is based in Peoria, IL. Follow this link to learn more about apartments.
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