Posted on: 31 July 2018
Hiring a property manager can be one of the best decisions you make as a landlord. Whether you own a single-family rental home or a large apartment complex, having a property management company can be a great way to free up some of your own time, reduce your workload, and still make sure your properties and tenants are well taken care of. Before you hire a property manager for your rental, however, there are some common mistakes you'll want to avoid.
Choosing Based on Price Alone
While it's likely that you have a budget in mind for your property management needs, it's also important to understand that you get what you pay for when it comes to property management. Hiring a property manager based on a low price alone may leave you with a lot to be desired. Instead of choosing based on price alone, look for a reputable property management company that will give you the best value for your money in terms of services offered.
Not Getting All the Services You Need
Speaking of services offered, understand that not all property management companies provide the exact same services. It's a good idea to know exactly what you'll need based on your rental property. For example, will you need a property manager who will collect and deposit your rent checks for you? What about rental unit maintenance and emergency calls? Landscaping services? Take the time to review your contract to make sure everything you need is included before you sign.
Going Completely Hands-Off
While one of the biggest benefits of hiring a property management company is being able to free up some of your own time and avoid having to manage every aspect of your rental yourself, it's still important to stay involved with your rental property as much as possible. This includes staying in touch with your tenants and keeping the lines of communication between you and them open. A property manager is not a total replacement for your time and attention as a landlord.
Failing to Do Your Research
Before you sign a contract with any property manager, take some time to research their reputation. This may include reading some online reviews or even asking for direct references from the company itself. A little bit of research and digging can go a long way when it comes to finding a reputable and trustworthy property management company you can feel confident in hiring.Share