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Working with a property management company
Looking to rent out your property? This can provide you with a great source of income! However, dealing with tenants can also bring its share of can get complicated and cause stress. Working with a good property management company can make your job as a landlord much easier. Here’s how to find one that’s the right fit.
Pick A Property Management Company You Trust
This is arguably the most important factor when selecting a property management company. You need your property manager to act in your best interest when resolving issues with a potential tenant.
- How many properties do you manage? This will give you a feel for how much experience they have and what their capabilities are. (For example, our parent company, Aborn Powers, has over 20 years of experience in property management.)
- How much do you charge for your services? Most property managers will charge between 7-10 percent of the rent.
- What’s the frequency and type of your inspections? We recommend doing an inspection twice a year by going inside the home. Many companies don’t do inspections at all.
Take your time to thoroughly interview potential property management companies. Get them on the phone or arrange a meeting and ask them any and all questions you have. Here are a few to start with:
- How do you screen applicants? Make sure your property management company is choosing the best tenant for your property.
- How do you deal with complaints and issues with tenants? You need a property manager who can competently deal with any of your tenant’s issues, such as HOA violations, disputes with neighbors, etc.