Whether you own a commercial building, a vacation rental home or a diverse portfolio of properties, having the right property management company can take a lot of worry off your shoulders. With a capable, experienced partner taking care of the day-to-day tasks involved in being a landlord, you can focus your attention on other things and avoid feeling burned out by all your responsibilities. From changing light bulbs to maintaining the landscaping to collecting the rent, these professionals can take care of the various tasks — big and small — that your tenants depend on you to provide.
Given the totality of what they do for you, it’s critical to exercise care when selecting a company to manage your properties. After all, the buck ultimately stops with you. Any reason your tenants can find to pack up and find another place could lead to lost revenue on your investment. To help you make the right call, here are some tips about what to look for in a property management company.
Not all property management companies are created equal. For example, if you have a slate of vacation homes you need to care for, hiring a company that primarily handles office buildings would be a poor fit. Make sure the firm you consider has experience with your specific type of investments. Also, check to see how long that firm has been in business. If you don’t do your due diligence, you may be setting yourself up to field a lot of complaints from tenants.
Certifications Are Key
Depending on where your properties are located, there may not be a requirement for property managers to have a professional license. Nevertheless, a quality company should be able to show you licenses and certifications from trade organizations to verify their capabilities. Your portfolio is much too valuable to turn over to just anyone.
Read the Agreement
It should be common knowledge, but many property owners neglect to read through the agreement thoroughly before hiring a management company. These contracts should spell out in no uncertain terms who is responsible for what, as well as how much those services will cost. If you see anything in the document that doesn’t meet with your approval, ask to make amendments and don’t be afraid to walk away from the table if you receive pushback from the company.
Check Their Reputation
Word-of-mouth is important when considering a property management firm. Not only should the company you choose have a good track record in the eyes of tenants, but also the rest of the industry. Ask around with leasing brokers, check review sites such as Yelp or Facebook, and make sure the company provides some references. If they can’t give you any names of current or previous clients or tenants, that’s a big red flag.
The people who use your properties are counting on you to take care of their needs. Turning a large chunk of those responsibilities to a reputable property management company mean you won’t have to worry about living up to their expectations.
Mo2 Properties has been recognized as one of the best property managers in the Chicago area, providing a wide range of services to make owners’ lives easier and maximize their return. To learn more about what we can do for you, get in touch with us today.