7 Things you must consider Before Choosing a Management Comp

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INTRODUCTION
Decisions related to property are always difficult to make. Lots of people like to manage their properties themselves. However, this increases the stress that is involved in owning an investment property for let. If you want to be stress-free and relaxed, it is advisable that you engage the services of a real estate agency. This is not an easy task: you need to consider every aspect that affects the selection of a good Property Management company.
Having an efficient real estate agency and specifically, Property Manager can prove to be a huge asset, but they are also investment. It’s important not to just go for the cheapest available as they will be managing your biggest asset. They deal directly with prospects and tenants, saving you time and worry about marketing your rentals, collecting rent, handling maintenance and repair issues, responding to tenant complaints, and even pursuing evictions. As this is such a big decision, and a potentially expensive one, it is advisable that you make it after considering the following factors that we will discuss below.

KNOW THEIR RELEVANT EXPERIENCE
It is imperative that you find a property manager who is highly experienced. It helps to find a real estate agency which specialises in the type of property you are renting out. For example, if you are renting out a luxury house this is different to renting out an apartment to students. Moreover, it’s good to find out how many properties they are currently dealing with. This information will help you to decide on the right management company for your property.

REFERRALS
A great way of finding a Property Manager is to ask friends and family who they use or have used, and their experiences with different managers. This will tell you a lot, not only about their skill and whether they’re trustworthy – but whether they’re the right fit for you, your personality and what you want from your investment. If you can’t do this, read testimonials or reviews instead.

ENSURE THE LICENSE
Every state has its boards that will license the real estate agency and their property managers. You can check with your state’s body if the prospective team of property managers or the agents are licensed, as well as if there are any disciplinary actions or complaints. Never hire a Property Management Company without doing this. It’s very important to do this, as it ensures that everyone has the relevant qualifications and means you are more likely to be able to trust them as they can lose their registration or licensing for not adhering to its code of ethics.

ENSURE A DEDICATION TO LEASING
Some real estate agencies focus largely on selling, as the commissions are lucrative. It’s important to ensure that the one you choose focuses on leasing, so the issues related to your property and tenants are dealt with in a timely manner. You are paying them to manage your property, and it should be a priority!

YEARS OF EXPERIENCE
It is crucial that you find out that for how many years the agent or the manager has been in the related business. Of course, it’s better that they have more experience: but there’s nothing wrong with a younger Property Manager if they are from a reputable agency and have the guidance of older, more experienced agents.

SERVICES vs. PRICE
Ask each prospective real estate agency how much they charged and what services are provided for this fee. There are some standard services such as interviewing potential tenants, collecting rent and so on – but others, such as what happens if there are tenant issues, must be discussed. It’s helpful to have a management team for your property that has experts in tenant law in case of issues, but legal work may cost extra.

MANAGEMENT STYLE
It’s a good idea to write a list of questions you have for each Real Estate Agency or Management Company you are considering about the way they conduct themselves, and their policies related to the work of managing investment properties for lease. For example: how do they vet potential tenants? How do they ensure that rent is paid on time, and what do they do when it isn’t? It’s a good idea to get all of this in writing before you sign anything contracting them too: this way if anything goes wrong, you can point to the contract and show what you were promised.

CONCLUSION
These tips will give you a solid base of knowledge for hiring a Property Management Company to handle the lease of your investment property. It pays to do your homework: remember, this is your biggest asset and biggest liability!

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