Hiring a Property Management Company for Your Rental Homes
If you own several rental homes, managing them can be a full-time occupation. It is often worthwhile finding a property management company to do the job for you. If you’re a property investor, time is money, and you can spend your time better than micromanaging your rental homes.
Choosing a property management company is an important one as you not only need a company you’re comfortable working with but one that understands your priorities as a landlord. Here are some questions to ask when you’re looking for a property management company.
How many years of experience does your company have in the area?
Every area has a unique housing market with its own tenant trends, style of housing and maintenance needs. You want to hire a property management company with at least a decade of experience in a local market, satisfied clients, verifiable accounting and administrative systems, and the right contractors.
For example, if one of your rental houses needs roof repairs, the company should use a reputable roofing company in the area. CoMo Premium Exteriors has Columbia MO roofer team that property managers in the area used for home maintenance and repairs.
Will you find and screen tenants on my behalf?
Find out whether the property management company will find and screen tenants for you. This means you don’t have to run credit checks, call references etc. Most reputable companies have a reliable screening process so they can find tenants who will pay their rent on time, rent for the long term, minimize property wear and tear, and cause fewer problems.
If your tenants don’t rent for long periods, you have to deal with issues like continually going through the screening process, cleaning and making repairs on properties, lost rentals etc. Property Management Companies must market your rental properties effectively so you will have shorter periods of vacancy.
What else will you do for me?
The best property management companies will collect rentals, deal with any non-payment and eviction situations, coordinate maintenance and repairs, and pay bills for you. They will also regularly physically inspect properties and arrange for cleaning, repairs and prepping before a new tenant moves in.
You will have less stress and more time when you don’t have to chase down rent, deal with emergencies, find contractors and handle the paperwork. By identifying and repairing maintenance issues early on, property management companies can help you to avoid larger and more expensive issues down the line.
How do you handle tenant maintenance requests?
When one of your tenants needs maintenance or repairs, how does the company respond? It is critical that it handles tenant maintenance requests in a timely manner. Your tenants may experience emergencies after normal working hours and you want to know that they can have their problems attended to 24/7.
For instance, if a rental home is in the St. Louis area, and the tenant finds a leak, does the company know about St Louis plumbers who can do the work quickly and responsibly? The best property management companies use trustworthy contractors they have vetted for quality work and good pricing so they can save you money.
How do you communicate with landlords?
Communication between property managers and landlords is vital. You will want to know whether you will be kept in the loop about the rental status and condition of the rental home.
You need to know how your property manager will receive instructions from you, give you reports and generally stay in touch with you. If you want regular, timely and complete information, especially financial information, you must hire only the best property managers.