Investing in property either personally or for your company is a great way to build wealth and income. However, if you’re new to the real estate game, it can be challenging to manage the ins and outs of your property. This is where property management companies come in, as they can help you with everything from maintenance to leasing. If you’ve just acquired a property and are looking for ways to manage the rentals, the tips below can help you decide on which property manager to hire.
Their Relevance and Expertise
When hiring a property manager, you’ll want to make sure you don’t pick just anyone. Make sure you hire a company that has experience with your type of property. Commercial properties, for example, require different types of experience and know-how than residential properties. Other areas like retail will also have different issues than a commercial office.
Therefore, it’s important that you find the right kind of property manager who understands the needs of your space and your business. If this is unclear to you, it’s a good idea to make a list of property management tasks that are important to you.
Like anything, property managers can differ a lot when it comes to their approach. Therefore, as an example, if you’re searching for property management Washington DC, you’ll want to assess a few factors first. Some important topics to cover during your evaluation include:
- How many properties they manage in the DC area
- What types of properties they manage in DC
- How many local staff they employ
- Whether they have a maintenance crew
- What the lengths of their leases are
- What happens if you cancel your contract early
Before you hire a property manager, it’s important to know exactly what you’re paying for. Make sure that the company you hire is transparent about their costs, billings, and what their fees involve. For example, most property management companies will charge a percentage of the rental value each month (for example, 10%). You’ll need to find out what this fee entails; however, it usually covers aspects such as processing rent, dealing with repairs, and responding to tenant queries. Other companies might charge a flat fee rather than a percentage, which may be preferable to you depending on your needs. Whatever the case, it’s important to establish this up front.
Property management companies are subject to different licensing requirements in each state. This also depends on whether they’re working with real estate or community associations. You’ll want to make sure that the managers and staff have the right licenses, especially if they are dealing with leasing activities. Some of the important licenses to be aware of include real estate brokers’ licenses and property management certifications.
Their Communication Style and Ability
Communication is vital when it comes to property managers. You’ll want to ensure that they are able to communicate efficiently to you and to your renters as this will not only increase the potential for business, but it will also ensure that everything is transparent and above board.
Last, but not least, it’s important that the property management company you hire has a healthy long-term mindset. They should be looking at your arrangement as a long-term partnership, not a quick chance to make a buck. If they have your shared interests at heart, they’ll be more likely to help you reach your goals in the future.
And if you are looking for an office, we can help! Our local reps know the market, know the landlords and property managers and know who takes care of their buildings. Contact us if we can help! No obligation