Real Estate

Tips for Hiring a Property Management Company

Although rental properties are great investments, you may be concerned about being a landlord because of the time commitments and possible legal issues associated with renting out properties. However, you don’t have to worry about these challenges if you work with reputable property management services Brevard County FL. The following are tips for choosing a reputable property manager.

Learn the Location of Their Headquarters

Great service often requires that the manager be located close to your properties. Not only are tenants going to work with property managers in the areas they hope to find rental properties, but the managers and contractors they work with will be more responsive if they have shorter commutes to your property.

Review Their Other Properties

If the property management company owns properties of their own, especially multiunit properties, they may prioritize renting their own properties before they rent yours. In addition, find out whether they are responsible for managing similar properties in your neighborhood. You should be able to determine whether a company has time to manage your properties based on the number and location of the properties they are already managing.

Analyze Their Long-Term Tenant Retention Plans

Ask about your prospective management companies’ tenant screening process. Then, review their leases. You may also discuss their interview process. Always discuss their pet policies and your preferences. Their maintenance policies should also be reviewed because well-maintained homes are more appealing to renters.

Ask how they determine who the best tenants are and what they do to keep them. For example, do they offer free carpet shampooing after one year, reduced rent for long-term leases or other benefits? Tenant emergencies often have an effect on retention, so ask about the companies’ teams and how quickly they handle emergencies.

Discuss the Money

Finally, learn about the money end of your contract. For example, when is rent collected, and when should you expect your disbursement? Discuss the companies’ fees and when they are taken. Finally, ask about their accounting processes and what reports you will receive.

Don’t hesitate to diversify your portfolio with investment properties. With a great management company, you can earn rental income without the headache of being a landlord.