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If you’re thinking about renting out your house, you may be considering hiring a rental property management company to take care of the details. But how do you find the right rental property management company? And what exactly do they take care of? We’ve got your answers!

What is a Rental Property Management Company?

Property Management companies deal directly with your potential tenants and the tenant ultimately selected to occupy the house. Rental property management companies can save you time and worry by listing your house, collecting rent, handling maintenance and repair issues, responding to complaints and even evicting bad tenants.

While the management company is responsible for managing and scheduling repairs, usually you’re still on the hook for the cost, so make sure you factor that into your budget accordingly.

How to Choose the Right Rental Property Management Company

Check references and experience – Think of it this way: you’re hiring someone to do a job for you. You should treat your selection as if you were hiring an employee. If they can’t provide glowing references and examples of their prior work, you should consider finding another provider.
Look for a cancellation clause – Read all the fine print in your contract. Specifically ask about their cancellation policy. This policy or clause will outline the circumstances in which either you or the manager can end the contract early and what costs you could incur. A 30-day notice is customary, but some management companies require up to 90 days.
Evaluate their commitment – If the management company only wants to work 9–5, Monday through Friday, they probably aren’t the right company to use. Your tenants can have problems that need to be addressed at night, on the weekends and even on holidays. Make sure your management company is prepared to handle these issues.
How do they handle conflict – Ask your prospective property manager how they’ve dealt with difficult situations like evicting a tenant or tenant-caused damages. Also evaluate their general conduct with you. Are they polite and respectful or are they just trying to win your business? The way your manager treats you can be an indication of how they will treat their tenants.
Get multiple bids – Talk to a few rental property management companies before you make your decision, and compare their rates. If the fees are dramatically different, make sure you get a detailed list of what services are included in their rates.

Choosing the right rental property management company is a decision that should not be made lightly. Take the time to fully evaluate each company you are considering.