Don't Settle for Less: Tips for Researching and Comparing Property Management Companies
If you're a rental property owner, you know that managing properties can be a lot of work. Hiring a property management company can be a great solution, but with so many options out there, it can be overwhelming to choose the right one. That's why it's important to do your research and compare different companies to ensure you make an informed decision and find a reliable and efficient partner to help you manage your properties.
To help you in your search, we've compiled some tips for researching and comparing property management companies:
1. Define your needs and expectations
Before you start researching property management companies, take some time to define your needs and expectations. Ask yourself questions like: How many properties do I have, and what type of properties are they? What services do I need from a property management company? What is my budget for property management services? By defining your needs and expectations, you'll have a better idea of what to look for in a property management company.
2. Ask for referrals
One of the best ways to find a good property management company is to ask for referrals from other landlords or real estate professionals. Talk to people you know who own rental properties and ask them about their experiences with property management companies. You can also ask for referrals from real estate agents or industry associations.
3. Check online reviews
In addition to asking for referrals, check online reviews of different property management companies. Websites like Google and RateMyAgent can give you an idea of what other property owners think about the company's services. Look for patterns in reviews, such as consistent complaints about a particular issue. However, keep in mind that not all online reviews are reliable or truthful, so take them with a grain of salt.
4. Check their credentials and experience
When researching property management companies, check their credentials and experience. Look for companies that are credible and have experience managing properties like yours. Ask how long they have been in business and what their track record is like. You can also check if they are members of industry associations such as the RPMA®.
5. Ask about their services and fees
Different property management companies offer different services, so it's important to ask about their specific services and fees (don’t forget to ask these essential questions!). Some companies may offer comprehensive management services, while others may only offer tenant placement services. Ask about their fees and how they are structured. Some companies may charge a flat fee, while others may charge a percentage of the rent. Make sure you understand the fees and what is included in the services.
6. Compare their communication and responsiveness
Communication is key when it comes to property management, so it's important to compare the communication and responsiveness of different companies. Ask how they communicate with property owners and how often they provide updates on property status. Test their responsiveness by reaching out to them with questions or concerns and seeing how quickly they respond.
The bottom line…
Researching and comparing property management companies is an essential part of owning rental properties. By defining your needs and expectations, asking for referrals, checking online reviews, checking credentials and experience, asking about services and fees, and comparing communication and responsiveness, you can make an informed decision and find a reliable and efficient property management company to help you maximise your rental income and minimise your stress as a landlord.