Property management is not as easy as some people make it out to be. The legal obligations alone require a significant amount of time to understand completely. Top that off with accounting, interpersonal, and maintenance responsibilities and even a million-dollar apartment complex will end up a major headache after a few months of renting.
This is exactly why you need to hire a good property management company to handle your affairs.
But how do you know you are hiring the right guys in the first place?
Knows how to screen and identify potential tenants
A responsible tenant will make all the difference in the world when renting out property, which is why it is important that your property management company have the appropriate screening procedures. It is, after all, very difficult and very time-consuming to evict tenants once they have signed up.
Skilled in effectively and legally collecting rent and debt
You want a property management company that can smoothly and efficiently collect rent. You do NOT want to hire goons to knock down doors and demanding the monthly pay. This is the difference between an effective property management company and one that will get you in trouble with the law.
Dedicated to the tenant-manager relationship
Just because you collect the rent does not mean you own the person. A good property management company knows this, and places emphasis in maintaining and improving the tenant-manager relationship. It is, after all, easier to collect rent if your manager is in good terms with the tenant.
Offers fair and competitive rates that match their services
Too much is a rip-off, too little risks quality. Find a company that offers competitive prices for their services, and you will be able to get the most out of your money. This may be difficult to do at first, but a little research and a lot of patience will help you establish the average rates of property management companies.
Concerned about the internal and external conditions of your property
Property management will be useless if the property itself is something that cannot be worked with. Find a company that knows how to keep a building in tip-top shape, and you will find a company that knows how to preserve the value of your property.
Transparent with accounting and financial transactions
Making money is a dirty business, which is why you have to make sure your own property management company knows how to keep the records clean. A company that is willing to explain the ins and outs of how they handle money is a company that you can work with.
Possesses an in-depth knowledge of property management laws
Appropriate management of property is governed by a set of rules, and your company must abide by these rules if they are to do their jobs properly. Failure to abide these rules will not only get the company in trouble, but could cost you big-time as well. Check how your company does things, and you will be able to see if they operate within the boundaries of the law.
