Landlording isn’t for everyone, and property management companies can be a lifesaver for investors who don’t want to handle all the responsibilities of managing their rental properties themselves. They can also be an important investment for those looking to diversify their portfolio with passive income, since they do all the heavy lifting in finding tenants, collecting rent and resolving maintenance issues, among other things. While hiring a property manager does cost money, the pros can outweigh the cons for most real estate investors.
When looking for a good property manager near me, it’s important to do your homework first. Start by asking friends and family members who have experience with property management for recommendations. Then, search for local property managers online and compare their services to find the best fit. Some factors to consider include:
How many units does the company manage? Typically, the larger the property management firm is, the less individualized attention each client receives. You should also ask about the property management company’s tenant screening process, including whether they use TransUnion SmartMove landlord credit reports or criminal background checks to help ensure they’re placing tenants who are qualified for a lease.
Another key consideration is how long it takes the property management company to fill vacancies. This can be an indicator of the quality of tenants they’re able to attract, as well as how thorough their marketing is. It’s also worth asking about fees, as some property management firms charge a vacancy fee (or flat rate) or additional monthly fees while the unit is vacant. property managers near me