3 Useful Tips for Avoiding a Property Management Disaster
With the way the housing system is setup today, the many options for property management can be overwhelming. The way to avoid mishaps with your real estate investments is to hire the right team for the job. Whether you've got just one, or multiple properties, here are some ways to assure that you enlist the right property management team for the job:
1. Ask for references – and check them!
All property management companies will claim to be the best at what they do. Unfortunately you can't take people at face value anymore. Before you hire your team, even if they came highly recommended by a close friend, ask for a list of professional references. Then, instead of assuming they are legitimate, call them, talk to them, and find out what they truly think of the services provided. Be discerning, because certainly they didn't just hand you a list of people who hate them.
2. Do research online
In the digital age, you have access to a lot of information at your fingertips. Get to your browser and check out the following to find out as much information as you can about them:
- The proper management company's Yelp profile and reviews (pay attention to renters' reviews as well as those from clients).
- The company's Google reviews.
- Search for manager and employees by name and city.
- Look into what people are saying on social media.
3. Compare and ContrastIt doesn't hurt to compare one property managements service against another when deciding the type of management that would best suit your needs. Find two that are similar in cost and availability and then compare what exactly it is that they are offering. Does one fit your needs regarding the location, availability, and tenants more than the other? Do their rates fit your budget? Of course, you don't have to choose between just two, but it does help when getting an idea of the best fit for your property. It's also beneficial to compare contracts and the level of commitment they want from you as a client.
When buying a home for rental property purposes it is important to build a solid support team. If you do just these three things before making your hiring decision, you could avoid a major disaster with your properties. You never know what you might find out and as a #homeowner it is always better to be safe than sorry!