Choosing the best property management company doesn't have to take a lot of time or effort. Checking with a few professional organizations and comparing services the different property managers offer for the cost can help you find the best property management for your residential or commercial investment. When you don't want the hassle of finding commercial or residential tenants, collecting rents and overseeing maintenance issues yourself, a reliable rental property manager is needed to give you the highest return on investment (ROI) possible.
Eliminate any property management companies that have complaints against them. You can find this information by doing searches on the Internet or contacting the Better Business Bureau (BBB). Check out different properties owned by management companies to note how well-maintained they look, if only on the outside. If possible, speak with tenants of the properties and ask if services such as rent collection and building repairs are done promptly.
Bigger firms aren't necessarily the best property management companies, especially if your rental investment is quite small. Big or small, you should find a property manager who will give your property the attention it needs — especially if you're out of town and won't be able to check your rental unit or units in person. When you've narrowed down your property manager choices to two or three, you should ask relevant questions and compare contracts to find the best property management team for you.
Compare how different property managers handle tenant screenings. This is an important consideration when choosing the best property management options because high tenant turnover may create more expenses and less profit than having steady tenants with a background of paying rent reliably. Read all the details in a contract before signing anything. If you don't agree with something in a property manager's agreement, ask to get the contract modified or move on to another company.
Asking people you know who have had a good experience using a certain property manager can be an excellent way of finding a company to manage your property unless your situation is different and requires a different type of management. For example, some residential property management companies don't rent out individual houses, but only apartments or units in building complexes. Most property managers charge a minimum of 5 percent of the rental income to manage a property. The best property management company may be one that has monthly statements available online if convenience is important to you.