Top 5 Factors to Consider When Hiring Property Management Services
There are over 300,000 registered property management companies in the United States. This means you have options. Choose a property manager that’s good for your business.
Improving property management affects the reputation and bottom line of your business. When hiring property management services, be sure to ask yourself these 5 questions about each candidate.
1. Are They Qualified?
Answering this question requires you to do research. Examine the property management experience of each company under consideration. Be sure to check their references and reviews.
Also, check the company’s status with their governing real estate body. Confirm the company’s and its employees’ accreditation. This shows they have the necessary certifications, training, and commitment.
Your selected manager must stay abreast of state and national laws, industry rules, and ethical guidelines. Make sure they meet all regulatory requirements and are not facing fines or liens. These could jeopardize their business and put the long-term management of your real estate at risk.
2. What Services Are Provided?
Compare the management services provided to a checklist of your requirements. Find out if your candidates manage the same types of property you own. Management service expectations differ for commercial, single-family, multi-family properties.
Your need for hiring property management services includes this general list of duties:
- Establishing lease rates
- Collecting rent
- Screening applicants
- Maintaining the property
- Managing finances
Managing finances includes tracking property expenses and reviewing capital allowances on property.
3. What Are Their Fees for Service?
It’s important you understand the reality of the statement, “You get what you pay for.” When comparing service fees, cheaper is not always better.
Contract with a company whose service fees and payment structure work for you. Is the price quoted a flat fee or calculated as a commission or percentage on rent collected.
4. Are They Conveniently Located?
You’ve heard the phrase, “Location! Location! Location!” You should realize its importance in all real estate transactions applies to property management too.
Choose a company local to your properties. Management service fees increase when the company has a long commute to your property.
Ensure the company’s accessible to you and your business. You may wish to check in, so you want to make certain that‘s possible.
Confirm your property manager’s location meets your expansion plans. Don’t end up hiring multiple companies to manage your different properties. Choose someone close to them.
5. What’s Their Digital Marketing Offered?
More than 89,000 consumer searches on Google occur per second. How well your property manager leverages, this opportunity affects your business.
An important service required by property managers is guaranteeing tenant occupancy. Property managers should use online resources like email, social media, and their website in digital marketing strategies intended to generate leads.
Confirm each candidate’s marketing strategy proves successful. Verify their online presence. They need to exhaust every avenue for attracting and maintaining tenants.
Build a Strategy for Hiring Property Management Services
What’s your plan for hiring property management services? Chances are, if you’re not considering these 5 factors, you’re not maximizing the outcome.
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