Top Questions to Ask Before Choosing a Property Management Company
Finding the right property management company is a big deal as they differ in the level of experience and the fee charged. Their actions will have a significant impact on whether you own a profitable and efficient portfolio of properties as the daily care of your investment lies on their shoulders. To be diligent in building your investment property, you need to check whether these companies use modern technology or stick to old operation patterns. You need to understand who you’re working with before hiring any property management in Memphis and giving them the keys to your property.
The Need for Property Management Company
Real estate is one of the best possible investments, which is no less the case in Memphis. Real estate in Memphis is on the rise, and there’s never been a better time for investors to get in on the action. Before turning to property management companies, you need to ensure that your investments are managed and maintained as they should be.
Choosing the right property manager can:
- Leave you with more time to deal with other aspects of running your business.
- Make your real estate investment valuable
- Help you in setting and collecting rent
- Provide Property Maintenance and repairs
- Help you make timely Property Inspections
- Help in Tenant marketing and retention
- Help you handle tenant & owner funds
- Help you, screen tenants, for allowing them access
- Manage transparency in Maintenance Billing on Rental Owner Statements
- Help you respond to Tenant Concerns Quickly
What to check before hiring any Property Management Firm?
- Check the database to find property management companies in your area.
- Find out if they are licensed.
- Ask what kinds of properties they manage?
- How many rental units do they currently manage?
- How long have they been active in the property management business?
- How many rental properties do they own personally?
- Get a list of client references.
- Get the necessary documentation to verify they are a legitimate operation.
- Ask their property management fees.
- Get a property management contract.
- What portion of the maintenance work is contracted out vs. done in-house?
- In what ways will they be able to improve the profit margin on your properties?
- How does the management fee structure work?
- How often will they provide you with an accounting statement for your properties?
Asking them these queries and getting a perfect response to them can give you a good idea as to whether the properties fell in line with your overall expectations. Additionally, you also get to run across a potential property manager who can grow your business and give you some relief in managing your properties.
Vital things required by a Property Management Company
Property Management involves companies who understand the proper management of properties. We are listing some needful tips for you to make your life easier in choosing a property management company:
- Knowledge of the Local Market
A property management company should have needful general knowledge about property management. They need to have a solid understanding of what the Memphis area residents’ need. The company should be willing to put their Memphis real estate experience to work for you and improve it by making it more desirable to Memphis residents.
- Reliable References and Stellar Reputation
With potential experience, a property management company should have a stellar reputation among previous and current clients. Please take into consideration a minimum of three references with similar types of properties to yours and also check out their reviews online. Check if people are pleased with the service and if they are reliable professionals to meet investors’ personal goals.
- Fantastic Customer Service
During the initial meeting with your potential property management company, check if you felt valued and important. Did they address your satisfaction? Did they show the needful confidence and strategies to meet your goals? A good property manager should always keep you constantly in the loop regarding what’s going on with your property and other aspects of your business. Ensure the customer service practices extend to your clients and that their concerns are being addressed on time.
- Solid Money Management Practices
A reputable property management company in Memphis should manage money professionally and prepare monthly statements promptly. Ensure your property manager is organized when it comes to accounting, as this reliability will make a massive difference in the long run.
These are some of the commitments that are important to get excellent property management experience. So, use these management philosophies to successfully manage your property portfolio and meet with the person one-on-one to determine their work experience before choosing one.
Mike Simpson is the founder and President of Realty Capital Management – a full-service real estate and property management company in Memphis. He is an experienced entrepreneur, savvy investor, and passionate property manager that understands investor’s needs.
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