How to Choose a Property Manager
How to Choose a Property Management Company:
Orange County, CA March 25, 2011: There are many different types of real estate investments: homes, apartments, commercial buildings, mobile home parks and marinas, to name a few. Each one of these types of investments needs a different type of management. You can either choose to manage the property yourself or hire someone to manage it for you. Managing a property on your own involves dealing with tenants, filling vacancies and preparing tax documents. A good option for your investments is to have a professional property manager handle the property for you. A professional property manager takes care of all the legal and tax issues regarding your property and perhaps most importantly, acts as a buffer between you and your tenants.
How do you choose a property management company? Most people know someone who knows someone in the real estate business so that’s a good start. The internet is another great option. However you choose to locate these companies, its always a good idea to gather several different ones that you wish to interview. Before contacting these companies its a good idea to write down a list of questions that you will want to know about a prospective company. Here are several to get you started:
- How long have you been in business?
- How much insurance do you carry?
- How do you collect rent?
- What do you do if a tenant doesn’t pay?
- How do you handle maintenance work?
- Do you send me monthly reports?
- How do you handle my vacant units?
- How are property emergencies handled?
- Do you have any references?
- What fees do you charge?
Obviously these questions are just a guide as the type of property you own will dictate the types of questions you need to ask, but this is a good start. Once you have answers to the questions you probably will have a good idea of how the company is run and how well your property will be taken care of.