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.

Visit www.newpropertymanagementgroup.com

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