As a buy and hold real-estate investor, you will more than likely find yourself needing the services of a professional property management company. The decision on who will be managing your asset will matter just as much (if not more) than the property you decide to invest in. Most real-estate markets that have attractive opportunities for investors will have multiple property management companies to choose from that service that area. This can be very intimidating especially if you are investing in a new market that you are not very familiar with. So how do you know which property management company will be right for you & your asset(s)?
- Value of Services Offered: As an investor you are always looking to acquire assets of value. That should continue during your search for a property manager. Remember value does not mean the cheapest it means the regard that something is held to deserve; the importance, worth, or usefulness of something.
- The Screening of Prospective Tenants: Who the property management company places in your home is the most important job they will have. You should feel confident that this is as important to them as it is to you! Make sure you ask what their screening criteria is, as well as what there process is for verifying the data they receive from applicants.
- Transparency: No one likes to be left in the dark, especially with one of there most expensive assets. You need to have a clear understanding of all fees, charges, timelines, & process associated with the services to be performed at your property. Be sure to express your expectations of them as your property managers, and also ask what your obligations will be as their client.
- Do your Due Diligence: You are not going to want to repeat this process with the same asset every year are you? Doing your due diligence and making sure the company you choose is a good fit will be well worth it. Ask for referrals, how many doors they manage, how long they have been in business, etcetera. The more questions you ask, the more data you will have for your decision making process.
