As a rental property owner and landlord, there are many benefits to owning your property and keeping it rented efficiently and successfully. However, sometimes handling your own property management can be a bit much when you factor in your own nine-to-five job and other personal responsibilities—which makes property management a great option to hire out. Here are some selection ideas to help you as you search for the right property manager for your rental property.
Look at Management Specialization
When you are looking for a property manager, you may come across various professionals that have different types of experience and expertise. For example, some property managers may work with individual landlords to manage a variety of single-family homes, duplexes, and tri-plexes. However, if you want a property manager that has experience working with and managing commercial properties, look for one who has this background and specific licenses. A commercial property and its lease contracts are a bit different than renting out a single-family home on a 12-month lease contract.
A property manager can have experience and specialize in handling all areas of your state's specific legal eviction requirements. Different states and sometimes different cities will each have their own eviction rules and regulations, which need to be followed. And to an individual landlord, an eviction process can take hours of work and research to handle on their own. However, with a property manager who has an eviction team with an attorney, they can complete this sometimes necessary task for you. When you interview the property manager, ask them if they provide specialized services with their team, such as eviction, in addition to landscape services or maintenance repairs.
Ask About Rental Rate Selection
Another important item to look at when you search for a property manager is how they set their property rental rates. A good property management service is going to always be evaluating market rents and regularly checking into the market to make sure they are remaining competitive in their pricing. You don't want your rental property to be rented for less than the going rates because you will lose out on potential rent. But you also don't want a property manager to set your rent at a price that is too high for the market because they will not be able to find quality tenants.
A successful property manager will continually be checking into the market rental rate. It is beneficial to their management business that they know what the rents are for all types of rental properties. For example, they should know the prices of a three-bedroom two-bathroom home and a five-bedroom three-bathroom home.