On average, landlords own three properties under their name, but only 45% of those landlords manage their own properties. In contrast, 44% hire someone or outsource property management to a third party.
If you've come across this article, you are probably thinking about doing the same. We don't blame you, outsourcing property management has major benefits when you find the right company. So, how do you choose?
Keep reading for tips on picking property management services.
1. Check Reputation
When picking property management services, you can ask around to see if those you know have a company that they recommend. Reputation is important in the industry so if someone refers you, it's likely they provide quality services.
Another great way to understand the reputation of a property management company is by checking online reviews. Take note of how a property management firm responds to reviews, especially the negative ones.
2. Check References
To get an idea of the property management experience, you should check references. Any reputable property management company will gladly provide you with customer information.
These past customers are willing to share their experience and note the quality of performance. Often, these are current customers who are still using the property management services.
3. Compare Costs
When comparing property management costs, you don't want to look for the business with the lowest price. Instead, you should focus on what's going to get you the most for your money.
To help narrow down the search, set a budget that you don't want to go over. Keep in mind that the differences in services will vary, so list out what features are most important to you.
4. Interview Property Managers
You can get a lot of information through your own online research, but the best way to figure out if a property manager fits your needs is by interviewing them.
Interviews are also a great way to have all of your specific questions answered. For example, how will they advertise your property and deal with maintenance emergencies?
5. Ask about Specialities
One of the most important questions you can ask when picking property management services is what specialties they offer. The first thing to start with is what kind of properties they manage. Are they the same as yours?
There are commercial property management and residential property management businesses out there so choose wisely. A full-service property management firm can do it all.
Picking Property Management Services Made Easier
A property manager might look good on paper or on the internet, but still not be right for you. When you follow all of the above tips on picking property management services, you'll make the best decision for your properties.
The most important tip we can provide is to trust your gut. A company that has great reviews but makes you uncomfortable is a red flag.
If you own properties in the Houston area, we are here to help. Our full-service property management offers a variety of services. Contact us today to learn more.