As a property owner, choosing the right property management company can be tough. How do you know your company will collect rent on time? Will they deal with unruly tenants effectively? As a trusted Houston property management company since 1989, we have compiled the top five questions to ask yourself when choosing a property management company.
1. Are They Reliable With Maintenance, Repairs And Inspections?
You want a property management company you can rely on. How quickly do they service repairs on your home? Will they come same-day to make emergency repairs for things like the stove, refrigerator, heater and AC? You’ll also want to take note of who they have doing the repairs (whether or not they’re licensed), how much they’ll charge you for each type of repair, and how much they’ll charge the tenant.
A good property management company will service any problems in a timely manner—immediately for emergent repairs, and within 48-72 hours for non-emergent repairs, and will split the cost of parts and labor between tenant and owner. Furthermore, for all major repairs, they will contract a licensed professional to ensure the job is done correctly the first time.
2. Have They Made Smart and Profitable Investments in the Past?
If you’re looking to increase your investment value, and would like a property management company to help you do so, there are some things you should keep in mind. Have they made smart investments previously? Some things to look for in their portfolio are the neighborhoods they’ve bought in (Are they growing? Would you want to live there?), the resale value on their investment homes (A little bit of Googling will help you with this), and the rentability of their previous picks (Are tenants staying or is there a high turnover? Does it take a long time for the company to fill their investment homes?).
Doing your research will help you weed through management companies until you find the one that is right for you.
3. Does Their Staff Come Highly Recommended?
This is important. When choosing a property management company, you need to remember that you will be working with the staff on a regular basis. Obviously, you should first trust your instincts on whether or not they seem reliable, friendly, and willing to help you.
However, recommendations are helpful because sometimes companies put on a their best face to gain new business, but that all changes once you’re signed on. You don’t ever want to be in a situation where you’re six states away and can’t seem to get a hold of your property manager. Read through some reviews just to be sure the company/staff you’re considering doesn’t have a history of poor service.
4. How Well Do They Screen Tenants?
So you’re leasing out your home. What is the number one most important thing you need to be sure of? That the people that will be living in your home are reliable with rent, won’t conduct illegal activities and won’t destroy your home. A good property management company screens tenants rigorously—with background, references and credit checks.
Not every tenant will be perfect; however, with the right screening process in place, you can feel better knowing that there is a process in place to ensure there are good tenants occupying your property. Additionally, if they’ve ever had to evict a tenant, make sure it was handled in court, and that the tenants were removed effectively.
5. Is Their Rent Collection Policy Efficient?
Here’s the bottom line. You’re renting out your property to make money. If you still owe money on a mortgage, or even if you don’t, you’ll want a property management company that can collect deposits, fees, and rent in a timely manner. Good property management companies will collect rent at the beginning of the month, deduct their service fees, and get it to you no later than the middle of the month. You’ll also want to be sure that they aren’t lenient with tenants paying rent late (with a rigorous screening process this shouldn’t be an issue, but sometimes things happen).
A good property management company is organized, transparent, and reliable. They should manage the daily responsibilities of your home(s) so you can relax and enjoy the benefits of an extra source of income.
Precision Realty and Management, LLC is a certified property management company that has been family owned and operated since 1989. As one of Houston’s top property management companies, Precision Realty has a history of successful management and investments, as well as variety of services to fit every renter and homeowners need. To learn more, visit precisionrealty.com.