As a property owner, it’s likely you’ve thought about renting out your property to make some extra cash. However, the thought of finding reliable tenants, making contracts, and dealing with issues may be something that is holding you back. With the right property management company, you can take the guesswork out of renting your property and simply kick back to collect the rent checks.
The first step in finding a good property management company is to get a list of potential hires together. This can be done by asking coworkers, family, and friends for recommendations. You can do a quick search online to get a list of property management companies that operate within your area. It’s a good idea to initially vet these companies to ensure they manage the type of property that you have. For example, if you have a commercial office space, you don’t want to deal with a property management company that solely focuses on renting out single-family homes. You want a company that has the right experience in the type of rental that you are providing.
The next tip we have for you to use when assessing property management companies is to verify how they prescreen tenants. We all know that you need to have tenants on your property in order for you to make money every month. You don’t want tenants which may leave in the middle of a lease or who don’t pay their monthly rent. Evictions are a real process that some property owners have to undergo, and they cost money. A good property management company will have a system in place for prescreening potential tenants in order to determine the best fit. This will greatly reduce your risk of dealing with eviction costs and late rent checks.
Each property management company works a little bit differently than others. You want to schedule an initial consultation with a few different management companies to understand how they operate. Before your meeting, you should check out the website of each property management company, such as the one at http://sfofficespaces.com/services/landlord-representation/. This will give you some initial insight into how the company functions and what services they can offer you. Some initial things you want to figure out are how they deal with maintenance, what their fees are, if they draw up leases, and if they will be handling the finances directly for the property. During your initial meeting with each property management company, you want to get a feel for how they perform their job and hash out all the details. Make sure you get all your questions answered.
A good property management company can be difficult to find if you don’t know exactly what you’re looking for. We encourage you to take some notes on the tips that were outlined above. This will walk you through the entire property management hiring process. When you follow the concepts above, you’ll be sure to set yourself up for hiring a great property management company that will make your job as a property owner easy as pie.