Hiring a property management company for your rental property is always a tough task. However, there are three pieces of information that you can obtain from any prospective property management companies which will help make your job a whole lot easier.
May I please have five references that I can contact to ask about their satisfaction in working with your company?
Property management companies vary widely in the services they offer and how they deal with tenant issues. The absolute best way for you to find out how your potential property management company operates is to get references of past customers of theirs. Then, do the most important thing and sit down and make some phone calls and ask questions.
People tend to like telling others about their experience with a company, both good and bad. Use this human trait to your advantage. Call the references you are given and ask if they could give you an overview of their experience with the property management company. Listen to what their customers say and also listen to what isn't said. Ask direct questions and listen to the answers.
If you hear positive things about the property management company from their clients, then you can have some assurance that they likely do a quality job. If their clients are very vague when speaking to you, or come up with excuses about why they would rather not speak to you, then you should tread lightly and probably find another company to manage your rental properties.
What geographic area do you cover at this present time?
The answer to this question is very important because real estate can vary widely with geography. In fact, in a larger city real estate on one end of the city can be vastly different than real estate on the other side of town. Because of the variation of markets, you should always hire a property management company that is currently servicing properties which are in your neighborhood. Use a company that knows as much about your area as possible.
What licensing and training do you and your company have?
All property management companies that you choose to do business with should be members of the:
In addition, ask about their other licenses and relevant training.
Conclusion
As you can clearly see, asking for, and calling, references is a very important part of finding a property management company for your rental properties. Additionally, using a company who is licensed and afmiliar your geographical area is also vitally important. Hiring a quality property manager can mean many years of hassle-free real estate investing for you in the future. Keep these tips in mind as you begin contacting local companies like East Valley Property Management.
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