If you’re one of the millions of Americans with investment properties, you’ve probably considered outsourcing to a pro. Dealing with the nitty-gritty details of rental property management can be a hassle, which is why many owners turn to experts for help.
However, finding a good property management company isn’t always as easy as it sounds. After all, there’s more to the effort than typing “property management near me” into your online search! As you narrow down your options, here are a few key “do’s” and “don’ts” to consider when hiring.
Don’t Assume All Services Are Covered
Though most property managers tackle a standard range of tasks, covered services will vary between property management companies. In other words, it’s important not to make assumptions. Some companies will offer a full spectrum of services, from screening tenants to handling move-outs, while others may specialize in just a few.
Do Get to Know Their Communication Style
If you don’t live near the properties you own, or if you want little to no involvement in their management, you’ll get most of your updates via communications with the property management company. This means it’s important to ensure your communication styles match! Learn what you can about their response time, how they’ll reach out to you, and how often you can expect updates.
Don’t Neglect the Background Check
Just as you’d do a background check for an employee you wanted to hire, you’ll also need to check on a few basic details about the property management company in question. This means doing a deep dive into their online reviews and testimonials, checking their status with the Better Business Bureau, and asking for references.
Do Know What Is Expected of You
When you hire a property manager, you’ll be handing over a small amount of control over your properties—but that doesn’t mean you don’t need to take care of things on your end. Make sure you understand what it means to hand over the reins, and make sure that there are clear expectations on both ends about what’s needed.
Don’t Forget Customer Service
The best property management companies will treat you like you’re a partner, not just another customer. If you feel like you’re a number in a directory, or if you have a hard time getting hold of someone from the company, walk away. Instead, find a company whose manager listens to you and makes you feel confident that they hear you and will address your concerns.
Do Ask About Fees Up Front
Most property management services involve a number of different fees rather than a single flat fee. From tenant fees and vacancy fees to eviction fees and lease renewal fees, it’s important to understand what fees you’ll be paying and when.
Find the Right Property Management Partner
If you’re in the market for a property management company, it’s important to find the services, pricing, and people that match your needs. Trusting a company with your financial investment can feel intimidating, but the right partners will ensure that you feel confident in their professional services.
Our team is here to help! We’ve spent years helping Texas real estate owners manage their investments, and we’d love to do the same for you. To get in touch and learn if we’d be a good fit, contact us here.
