Did you know that since 2019, property rentals rose to 3.7%? No doubt, the rise in rentals has only gone up ever since that year. If you have rentals or manage an apartment and condo complex, you might want to think about hiring property management services.
As you gain more tenants, you will need an extra hand in managing a property, people, and rent. But once you start looking around, you realize there are quite a few services to choose from.
So, how do you know you will hire the right one? Keep reading this article to learn more about the five factors to consider when communicating with property managers.
1. Reference and Reviews
One of the first things you want to do is check if the management company has any references. You can gain these in several ways. You might know some other landlords who use a management company.
Ask them what company they recommend and what they like or dislike about them. You can also call a company and ask if they have references from current or past clients.
You also want to take a look at online reviews. People on the internet are honest about whether they enjoy their property management experience. Take all of the above into account and weigh the pros and cons of each company.
2. Credentials
Depending on what state you live in, property managers must abide by a set code of rules and regulations. Attached to these rules, one must obtain proper licensing and credentials.
To ensure you hire the most respectable company out there, ask about these. Do not be afraid to request proof of licensing or certification. After all, if the company is legitimate, they will have no problem showing you.
3. Market Trends
Next, you want to ensure the property manager is up-to-date on the current market trends. After all, one of their tasks is to scout for rental properties.
That means you want someone who knows what's popular and what people will want to rent. Otherwise, you might have rentals sitting available for longer than necessary.
4. Portfolio
Looking for a portfolio is a way to find out what kind of rentals the managers find. Locating a portfolio will showcase the manager's experience with homes and other rentals.
You can usually find this on a property management company's website. However, if it is not there, call them up and request to see a portfolio.
Keep in mind that not everyone may have a portfolio. In that case, you can ask to see some examples of the properties they scout out.
5. Rent and Maintenance Services
Another task of a property manager is to perform rental services. That means dealing with maintenance and collecting rent. Before you hire anyone, ask how they go about these duties.
You want someone tech-savvy enough to set up an online rent payment system. That will make your tenants happy because it is much easier to pay rent via an app or online.
Another way to make sure your tenants renew their lease is to have a property manager who promptly responds to maintenance requests. Nothing upsets people more than having to wait for someone to show up and fix their appliances. So, be sure your property manager makes maintenance a top priority.
Hiring Property Management Services
As you can tell, there are several critical things to watch out for when hiring property management services. Remember to also ask for references and referrals.
You can also check online reviews and question the company about its experience. If you require reputable options for a property manager, look no further than Austin Property Management.
We employ some of the most professional and hard-working property managers around town. Please feel free to contact us today. We are happy to speak with you and answer any questions or concerns you may have.
