36.6 households are renters in the US. Knowing this, it makes sense, so many investors are interested in purchasing investment properties.
Despite the investment opportunity, owning property and being a landlord for the property are two different endeavors entirely.
For this reason, many who buy investment properties look for a property management company to handle their tenants and property for them.
Once you've invested in property, you want to be sure you're hiring the best rental property management team to handle your properties.
Read on to learn more about what you should consider when looking for investment property management.
1. Think Local
Real estate management companies come in a variety of forms. Some can be large national companies and others more local.
It's important to consider a local property manager for your property for a variety of reasons. Of course, they need to have a keen understanding of the market for pricing your rental property.
It's important for the property manager to have a solid understanding of local laws and licensing requirements. You don't want to hand over your property only to find out the manager isn't following code or local laws.
You want a property manager who has a strong understanding of the demographics of the market in the area. Who will want to rent your property and do they know how to connect with that clientele?
Finally, they need to have a complete source of local vendors on hand if something needs to be done at your property.
2. Consider Referrals from Other Real Estate Investors
There's nothing like first hand experience to tell you what to expect from working with a property manager. Ask specific questions of the other investors to get a scope of their experience with the property manager.
You might also get online and do a search for the property management company. What experiences do you see tenants having with the company?
This will definitely impact how quickly your property gets rented.
3. Licensed and Insured
California law requires, in most cases, that property managers be licensed under Code 10130. Ask if they're licensed and what services this allows them to provide for you.
The property management company should also be insured. You want to make sure any workers from the company who are on your property have the appropriate insurance coverage.
4. Scope of Services
If you're making the decision to hire a property manager, then you already know you're ready for someone else to handle the day-to-day dealings related to your property.
The property manager should be able to provide a full scope of services for the care and upkeep of your property. These services should include:
- Rental marketing
- Applicant screening
- Legal documentation
- Property inspections
- Rent collection
- Accounting and reporting
If any of these services are subcontracted through the property manager, ask how those employees and companies are screened.
Get the Property Management Help You Need
When hiring a property management company, you want to find a company that will care about your property like it's their own. Use these tips to narrow your search and find the best property manager for the job.
If you need property management services in San Diego County, we can help. Contact us today to get your questions about our services answered.