subject: Property Management Companies: What Property Owners And Tenants Should Look For [print this page] There are several advantages to property management companies, both for property owners and landlords, as well as tenants. A good property management company can make the renting and leasing of property much easier for both parties, but on the other side, a bad one can make the process far more difficult.
For this reason, it's important you put your trust in a property management company with a solid, successful track record and direct experiencing working with both tenants and property owners. They should offer features and benefits designed to make the renting/leasing process less complicated, more regulated and less of an overall hassle for everyone involved.
As someone looking for a place to call home, a place to rent, here are some things you should look for in a property management company.
1. A property database. Does the company offer a selection of pre-screened, approved, quality properties for you to peruse? Do they have pictures, and will they arrange a time for you to view the property? Make sure they seem genuinely concerned about finding you the best rental match possible.
2. Do they have a convenient way to request maintenance? Also, do they have a network of reputable, experienced home repair professionals with whom they work? Be sure to ask upfront what types of repairs will be your responsibility to make.
3. A way to pay rent online. This is such a convenience as a renter. It saves time, effort, paper - and some property management companies offer better rates for tenants willing to go paperless and pay rent through their online system. Others charge a convenience fee, so be sure to ask about the process.
4. Positive feedback. When choosing between property management companies, ask to see reviews from past tenants, the Better Business Bureau ranking and other positive feedback from previous interactions with renters.
As a property owner, you're looking for slightly different features in a property management company. Assume that maintenance requests will be directed appropriately and rent pay will be taken care of, but do look for these additional things before hiring a property management company to handle your business.
1. Do they pre-screen renters? This is so helpful to a landlord. Let your management company go through previous rental histories, credit checks and references. Putting a good tenant in your property is the best way to maintain the home's integrity and avoid future problems.
2. Do they handle evictions? Evicting a tenant is messy process, and it can turn into a legal nightmare, as well. Do they charge an eviction fee, and will they complete all the necessary paperwork involved?
3. Are you having a hard time renting your property? Look for a property management company that will advertise your space for you. Ask about their advertisement methods to ensure they are reaching your target audience, as well.
4. Since you'll be paying for home repairs, should any be needed, ask if the property management company has negotiated discounted rates with repair experts in the area.
5. Will they arrange cleaning services before and after a tenant's stay in the property?
6. Cost. You're renting a property for a profit, hopefully. Will you still earn one after paying for the services of a property management company? Make a time to sit down with someone and discuss the fee structure before making your final decision.
Hiring a property management company saves property owners a lot of time and energy, and it makes a renter's life so much easier if the right features are offered - online rent pay, quick maintenance request process, personal contact with an agent who is dedicated to finding them the best home. If you're looking to rent a space or fill a space, consider hiring a property management company to make the process trouble-free.
