The management of your own rental property demands time and attention. It is an exhausting job which includes sourcing tenants plus retaining them. Usually, property owners end up sacrificing their time rather than spending it with their loved ones. Indeed, this is one of the drawbacks if you manage your properties all by yourself.
As such, many property owners don’t want to experience the hassle of property administration. Some would rather delegate the tasks to the management companies who provide the service that they require.
Indeed, it is a must to find the right professional manager. It is imperative to have knowledge of what type of service you need to have peace of mind. With the appropriate property manager, you can increase your investment portfolio. Thus, here are some methods to try on how to find the best property manager:
One of the best ways to land an honest property manager is through referral. Ask your real estate agent if they know any reputable property managers. Also, you can ask friends who have the same investments regarding this area.
Thereafter, check the management in the Better Business Bureau or the Real Estate Commission. With this, you can make sure that the property manager is licensed. Just like the San Jose property management, they provide quality services to their clients and has good records for years.
When you have created a list of people you want to consider, and then schedule an interview for each one of them.
Check How the Property Manager Handles the Vacancies or the Advertising
Ask where does the property manager put advertisements with regards to the vacant homes. Do they put this on the websites or newspapers? Check what kind of signages do they put in front of your property.
Also, ask about the average time it will take before the property becomes occupied by the tenant.
If the property management has a website, take a good look at its features and content. If you are a tenant, will it be easy for you to locate the rentals list? If you are an owner, can you login and view your statements or accounts? Indeed, this information is essential in doing good business with the property manager.
Negotiate the Terms and Conditions of the Contract
Before agreeing to the deal, make sure that you read the entire contract. Be alert on the information included.
Remember the main contact and his information. See to it that you can communicate with your property manager at all times and through various media. It can be through email or phone, just like how the San Jose property management deals with its clients.
Next, check the service fee. Check if the monthly fee and placing of the tenant are written on the contract. Take some action if the fees are too high or low. This indicates that the property manager is inexperienced.
Check if there is an option to terminate the contract if you are not satisfied with the property manager’s services. It is essential that it has 30 to 60 days grace period so you can have some time to find a replacement.