Across the US, renters spend approximately $485 billion in rent annually.
But all those dollars mean nothing if you don't have the time and resources to collect them. And, if you're a landlord, you know that rent collection is only one of many responsibilities that fall on your shoulders.
When you're ready to relieve yourself of those responsibilities, you can hire a property management company. But how do you find the best property management company? You follow the simple tips below.
What to Look for in a Property Management Company
Of course, at the minimum, you want to look for a property management company with experience. They should be able to demonstrate how they provide effective property management services and have some record of their success.
You'll also need to ensure you find a property management company that specializes in your type of property. A residential property manager comes with a much different skill set than one who deals in commercial properties.
It might be wise to choose a local firm, as well. While all property management companies must know federal and state laws, a local firm will know the ins and outs of your particular locality.
Last but certainly not least, the best property management company will have licensing and certification to back up their experience.
Evaluating a Property Management Company
When you've narrowed down your choices to a few local, licensed, certified, and insured property management companies, you'll need to evaluate them. You can start by reading online reviews on pages like Yelp. You can also have a look at the company's Facebook page.
Considering you're going to be giving this company access to your valued assets, it's also worth checking them out on the Better Business Bureau and your state's Real Estate Commission. Here you can see if the company has any official complaints lodged against them.
As part of your evaluation, you may also ask for information from the company to help you determine their performance. For example, you can get a great deal of information from statistics regarding occupancy, vacancy, eviction, and tenant turnover rates.
Meet the Property Manager
Now that you've finalized your list of potential candidates, you'll want to sit down with the actual people you'll be working with. A company may seem well and good on paper, but you'll want to know them personally and see them in action.
The best way to meet a potential property manager is to visit them on-site. This allows you to inspect a property they manage to see if there are any red flags such as obvious repairs or debris lying around. While you're here, you can also speak to tenants and ask how their experience has been.
Northern Virginia Property Management
Keeping rental properties maintained and functioning is a big job. If you don't have the time or resources, consider hiring a property management company. And when you do, follow these tips for finding the best.
But if you're in Northern Virginia, look no further than our property management services. Check out our services to learn more.
