Rental property management is a big priority when you own a rental property, whether it is a single-family home or a multi-unit building. As you complete your search to shop around for a property manager, here are some recommendations to help you find the right rental property management service.
Look At Their Track Record
When you start shopping around for a property manager, it is always a good idea to look at what types of services they provide and how well they are at renting and keeping units rented. A property management service that has a high number of units that are vacant and stay vacant for some time will increase their vacancy average. Ask for a property manager's vacancy rate to find out how well they are doing at their job.
A vacancy rate is going to be a reflection of the property manager's ability to keep the tenants happy, which has to do with how well they manage their rentals and how well they keep them maintained. If a property manager does not keep up the property's exterior or handles maintenance requests inside the unit, the tenants are going to move out when their lease is up and it will be difficult to find a new tenant based on the condition of the apartment. If the apartment is dirty with scratched and dented walls, dirty appliances, and missing window screens, it will detract from finding a renter. However, a property manager that keeps their units clean and managed and the tenants happy will have no trouble renting their units and the vacancy rate will decrease.
Ask About Management Processes
Another question you can ask a property manager before you hire them is to find out about how they manage their properties. In addition to uncovering their vacancy rates, you should find out what screening they complete for new tenants. Tenant screening is a way to weed out potentially problematic tenants and to qualify them based on their income and credit. A good property manager should complete a full tenant screening before approving a new tenant for residence in the property, which should include a background check.
When you own a rental property, it is also important to keep an eye on the condition of the property whether or not you can visit the physical location. A property manager should take care of this by visiting the property several times through a lease contract. When a tenant moves in or out, the property will need to be inspected and checked for problems and any repairs that will need to be corrected.