A rental property is a big investment and it is imperative that you find a trustworthy property manager. Here’s what to look for in your next property manager:
Transparency
What is their communication style? Are they open with you when it comes to being transparent with their reporting? It should be easy to get access to documents like contacts, lease agreements, or expenditure reports. It will probably be easiest if the property management company uses technology. This will ensure efficient and fast communication as well as immediate access to the aforementioned documents.
Crystal Clear Contracts
The contracts you sign should be easy to read and have clear terms. If there are ever ambiguous items ask them to clarify and solidify those clarifications on the contract. Everything should be added in the contract so that there aren’t any surprises. If they are a credible company they will go over any questions and how they handle each stage of the leasing cycle.
The Fee Breakdown
When you work with a property manager expect a monthly management fee and a leasing fee. The common percentages are 7 to 10 percent of the monthly rent and 70 to 100 percent of one month’s rent for leasing. If those are not the percentages you are being quoted it could be because there are services that are note included in that quote. Make sure every service you need will be included in the fee.
What are their qualifications?
Find out how many years of experience they have had in this field and properties that are similar to yours. Ask what they know about the market in your neighborhood. Make sure you find out if they have a license or certification that is required by local law
Quick tip: A company that values education will continue to be relevant and keep up with market trends.
Reviews
If they are not already available ask them to provide you with references. This will give you a feel for the strengths and weaknesses of their company. Also look at their listings to see how they manage properties.
These tips will help you make a well-informed decision on the best property management company. Trust should be the foundation of your relationship, so if they have everything you are looking for then you’ve found your new rental property manager.
Contact SOS Management & Property Services
Local: (858) 273-8800