Your rental property is a valuable asset that demands professional and proactive management. If you’re a first-time landlord, choosing a commercial property manager or a multi-family residential property manager can be a daunting task. It’s a crucial decision that will have a long-lasting impact on your real estate investments.
This guide should help you understand what aspects to look for when hiring a property manager in New York, New Jersey, and Florida. But before we dive into the selection process, it’s important to understand that hiring a property management company should never be a hurried decision out of apathy or need. You should shortlist and interview at least three companies and spend a couple of weeks holding multiple conversations with each.
Here are some key things to look for in a property manager:
Collection of Rent
The last thing you’d want is to end up having a tenant who’s not prepared to pay rent on time. When you can count on receiving the rent in a timely manner, you get peace of mind.
The top property managers will know how to conduct tenancy database checks, background checks, and credit checks on tenants on your behalf. When you get in touch with a property manager, don’t forget to ask them how they plan to do this.
The next most important thing to consider is licensing. Each of the property managers you interview should carry the necessary licenses, so that they can protect you in several ways. Before approaching a property management company, contact the relevant licensing authorities in your locality and verify the licenses they carry.
Also, further qualifications signify their level of professionalism and commitment to the industry. When you do talk to them, don’t hesitate to ask what additional qualifications they have.
Maintenance and Repairs
The best property management company should take ownership of the maintenance and repair work such as plumbing, electrical systems, building repairs, etc. They will not only be highly responsive to maintenance requests, but they will also closely monitor the job, ensuring compliance with laws.
Property Management Software
A good property management company will have the latest industry-specific software in place to handle properties and accommodate maintenance requests efficiently. Their system should also be able to track due dates, rent increases, lease expiry dates, and more. Take a look at the software they use and ask relevant questions pertaining to the service before making the decision.